Summary
New Providence Acquisition Corp. (the "Company") is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. As of March 31, 2020, the Company had not yet commenced any operations and its activities were limited to its formation, initial public offering (IPO), and the identification of a potential business combination target. The Company's financial statements reflect its status as an early-stage entity with no operating revenue. Its primary assets consist of cash held outside of its trust account and marketable securities held within its trust account, which are invested in U.S. government securities. The Company's financial condition is largely dependent on its ability to successfully complete a business combination within its designated timeframe (March 31, 2021). Should a business combination not be completed, the Company is obligated to liquidate and distribute the assets in its trust account to its public stockholders. Significant risks include the uncertainty of identifying and completing a suitable business combination and the potential dilution to existing shareholders if additional shares are issued. The Company's operations are currently funded by interest income from its trust account and cash held outside of it.
Financial Highlights
25 data points| Operating Expenses | $185K |
| Operating Income | -$185K |
| Net Income | $7.77M |
| EPS (Basic) | $0.80 |
| EPS (Diluted) | $17600000.00 |
| Shares Outstanding (Basic) | 8.59M |
Key Highlights
- 1The company is a blank check company (SPAC) with no operating revenues as of March 31, 2020, focused on identifying a business combination.
- 2Total assets stood at $232.9 million, primarily comprising $232.3 million in marketable securities held in a Trust Account.
- 3Cash balance outside the Trust Account was $519,627, intended for operational expenses and target identification.
- 4The company reported a net income of $847,252 for the three months ended March 31, 2020, primarily driven by interest income and unrealized gains on marketable securities in the Trust Account, despite operating costs.
- 5Total liabilities were $8.5 million, including a significant deferred underwriting fee payable of $8.05 million.
- 6Class A common stock subject to possible redemption was $219.4 million, reflecting a substantial portion of the company's capital structure.
- 7The company has a deadline of March 31, 2021, to complete a business combination, after which it must liquidate if unsuccessful.