Airspan Networks Inc. and New Beginnings Acquisition Corp. Complete Business Combination
Airspan Networks Inc., which provides ground-breaking, disruptive software and hardware for 5G network solutions, and New Beginnings Acquisition Corp. (“NBA”) (NYSE American: NBA), a special purpose acquisition company, or SPAC, today announced the completion of their previously announced business combination (the “Business Combination”). NBA shareholders approved the transaction at a special meeting held on August 11, 2021. The combined company has been renamed Airspan Networks Holdings Inc. (“Airspan”) and will begin trading on the NYSE American today, under the ticker symbol “MIMO” for Airspan common stock and “MIMO WS,” “MIMO WSA,” “MIMO WSB” and “MIMO WSC” for Airspan’s classes of outstanding warrants.
Airspan President and CEO Eric Stonestrom said, “This is a huge milestone for our company, employees and customers, and a logical next step as we execute our growth strategy. We believe we are well-positioned for long-term, sustainable growth in 5G based on the largest anticipated capex supercycle I have seen in my more than 30-year career in telecommunications. We look forward to continuing our industry leadership in both 5G and Open RAN, working with strategic partners and customers to accelerate the adoption of Open RAN and enhancing the ecosystem for the benefit of all.”
“Airspan’s leadership position in 5G and Open RAN and innovative 5G software and hardware portfolio provide significant potential for customer, revenue and market share growth. I look forward to continuing to work with Eric and the Airspan leadership team as they execute on their vision and growth strategy,” said Michael Liebowitz, CEO and Director of New Beginnings Acquisition Corp.
Immediately prior to the closing of the Business Combination, NBA closed the previously announced offering of 7,500,000 shares of NBA common stock at a price of $10.00 per share (the “PIPE”).
In addition, immediately prior to the closing of the Business Combination, NBA issued $50.0 million aggregate principal amount of senior secured convertible notes in a private placement to certain funds affiliated with Fortress Investment Group, on terms previously disclosed, primarily in order to meet the minimum cash requirements provided in the business combination agreement.