Summary
This 10-Q filing for New Providence Acquisition Corp., which operated as a blank check company, covers the quarterly period ending September 30, 2019. The company was in its early stages, having recently completed its Initial Public Offering (IPO) on September 13, 2019. As a "blank check" or special purpose acquisition company (SPAC), its primary purpose was to raise capital to acquire an existing business rather than to conduct its own operations. The company had not yet identified or completed a business combination, and therefore, its financial statements reflect minimal operational activity, primarily related to its formation and the IPO process. The financial statements indicate that the majority of the company's capital is held in a Trust Account, invested in U.S. Treasury Bills, with approximately $230.2 million in marketable securities at the end of the quarter. Operating expenses were minimal, largely consisting of formation and administrative costs. The company generated a small net income, primarily from interest income and unrealized gains on its Trust Account investments. The key focus for investors at this stage is the company's cash position, its timeline for identifying and completing a business combination, and the potential risks and returns associated with this process.
Financial Highlights
25 data points| Operating Income | -$95K |
| Net Income | -$572K |
| EPS (Basic) | $-0.13 |
| EPS (Diluted) | $17600000.00 |
| Shares Outstanding (Basic) | 5.54M |
Key Highlights
- 1The company, New Providence Acquisition Corp., is a newly formed blank check company that completed its Initial Public Offering (IPO) on September 13, 2019.
- 2As of September 30, 2019, the company held approximately $230.2 million in a Trust Account, primarily invested in U.S. Treasury Bills, intended for a future business combination.
- 3The company had minimal operating activities and incurred only formation and administrative costs during the period, resulting in a net income of $87,761 for the quarter.
- 4The company has a deadline of March 31, 2021, to complete a business combination, after which it will liquidate if unsuccessful.
- 5A significant portion of the IPO proceeds is subject to potential redemption by public stockholders if a business combination is not completed.
- 6The company incurred substantial transaction costs related to the IPO, including underwriting fees and deferred underwriting fees, totaling over $13 million.