New Beginnings Acquisition Corp. (NYSE American: NBA) Stockholders Approve Business Combination with Airspan Networks Inc.
11 Août 2021 - 10:05PM
Business Wire
New Beginnings Acquisition Corp. (“NBA”) (NYSE American:
NBA) today announced that its stockholders approved all
proposals related to the previously announced business combination
with Airspan Networks Inc. (“Airspan”) at a special meeting of
stockholders held today. A Form 8-K disclosing the full voting
results is expected to be filed with the Securities and Exchange
Commission.
The closing of the Business Combination is anticipated to be
finalized on or about August 13, 2021. Upon closing, NBA will be
renamed “Airspan Networks Holdings Inc.” and its common stock is
expected to be listed on the NYSE American with the ticker symbol
“MIMO.”
About Airspan
Airspan is a US-based provider of ground-breaking, disruptive
software and hardware for 5G networks and a pioneer in end-to-end
Open RAN solutions interoperable with other vendors. As a result of
our innovative technology and significant R&D investments to
build and expand our 5G solutions portfolio, Airspan believes it is
well positioned with Open RAN, private networks, fixed wireless
access (FWA) and CBRS solutions, providing solutions to tier 1
mobile network operators to deploy their networks of the future,
today. With over 1 million cells shipped to 1,000 customers in more
than 100 countries, Airspan has global scale. For more information,
visit www.airspan.com.
In March 2021, Airspan entered into a business combination
agreement with New Beginnings Acquisition Corp. (“NBA”) (NYSE
American: NBA), pursuant to which Airspan will become a
wholly-owned subsidiary of NBA. The closing of the business
combination (the “Business Combination”) with NBA is subject to
customary closing conditions, including shareholder approvals and
the expiration or early termination of the applicable waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended. Upon closing, NBA will be renamed “Airspan
Networks Holdings Inc.” and its common stock is expected to be
listed on the NYSE American with the ticker symbol “MIMO.” See
www.nbaspac.com for more information.
About New Beginnings Acquisition Corp.
New Beginnings Acquisition Corp. (NYSE American: NBA), is
a blank check company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. NBA’s
business strategy is to identify and complete its initial business
combination with a company that can benefit from (i) the managerial
and operational experience of its management team, (ii) additional
capital and (iii) access to public securities markets.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, NBA’s plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning. These
forward-looking statements include, but are not limited to,
statements regarding the likelihood and ability of the parties to
successfully consummate the Business Combination and the timing
thereof. Such forward-looking statements are based upon the current
beliefs and expectations of NBA’s management and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are difficult to
predict and generally beyond NBA’s control. Actual results and the
timing of events may differ materially from the results anticipated
in these forward-looking statements.
In addition to factors previously disclosed in NBA’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results and the timing of events to differ materially from
the anticipated results or other expectations expressed in the
forward-looking statements: (i) the risk that the Business
Combination may not be completed in a timely manner or at all,
which may adversely affect the price of NBA’s securities; (ii) the
risk that the transaction may not be completed by NBA’s business
combination deadline and the potential failure to obtain an
extension of the Business Combination deadline if sought by NBA;
(iii) the failure to satisfy the conditions to the consummation of
the Business Combination, including the adoption of the business
combination agreement by the stockholders of NBA and Airspan, the
satisfaction of the minimum trust account amount following
redemptions by NBA’s public stockholders and the receipt of certain
governmental and regulatory approvals; (iv) the lack of a third
party valuation in determining whether or not to pursue the
Business Combination; (v) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
business combination agreement; (vi) the impact of COVID-19 on
Airspan’s business and/or the ability of the parties to complete
the Business Combination; (vii) the effect of the announcement or
pendency of the transaction on Airspan’s business relationships,
performance and business generally; (viii) risks that the Business
Combination disrupts current plans and operations of Airspan; (ix)
the outcome of any legal proceedings that may be instituted against
Airspan or NBA related to the business combination agreement or the
Business Combination; (x) the ability to maintain the listing of
NBA’s securities on the NYSE American; (xi) the price of NBA’s and
the post-combination company’s securities may be volatile due to a
variety of factors, including changes in the competitive and
regulated industries in which Airspan operates, variations in
performance across competitors, changes in laws and regulations
affecting Airspan’s business and changes in the combined capital
structure; (xii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
Business Combination, and identify and realize additional
opportunities; (xiii) the risk of downturns and the possibility of
rapid change in the highly competitive industry in which Airspan
operates; (xiv) the risk that Airspan and its current and future
collaborators are unable to successfully develop and commercialize
Airspan’s products or services, or experience significant delays in
doing so; (xv) the risk that the post-combination company may not
achieve or sustain profitability; (xvi) the risk that the
post-combination company will need to raise additional capital to
execute its business plan, which may not be available on acceptable
terms or at all; (xvii) the risk that the post-combination company
experiences difficulties in managing its growth and expanding
operations; (xviii) the risk that third-party suppliers and
manufacturers are not able to fully and timely meet their
obligations; (xix) the risk that the rollout and utilization of 5G
technology will not provide the expected benefits; (xx) the risk
that Airspan is unable to secure or protect its intellectual
property; and (xxi) the risk that the post-combination company’s
securities will not be approved for listing on the NYSE American or
if approved, maintain the listing.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond NBA’s control. All information set forth herein speaks
only as of the date hereof in the case of information about NBA and
Airspan or the date of such information in the case of information
from persons other than NBA or Airspan, and we disclaim any
intention or obligation to update any forward-looking statements as
a result of developments occurring after the date of this
communication. Forecasts and estimates regarding Airspan’s industry
and end markets are based on sources we believe to be reliable,
however there can be no assurance these forecasts and estimates
will prove accurate in whole or in part.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005817/en/
Investor Relations and Media Contact: Howie Waterman
917-359-5505 hwaterman@airspan.com
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