NPA Stock: New Providence Acquisition Blasts Off on SPACE SPAC to Own Tweet

New Providence Acquisition (NASDAQ:NPA) stock is rocketing higher on Tuesday after Citron Research called it a space special purpose acquisition company (SPAC) to own.

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In that Tweet, Citron Research argues a $50 per share price target for NPA stock. That has the company expecting a massive 169% growth considering the stock’s closing price of $18.61 on Monday.

Here’s the full Tweet from Citron Research concerning NPA stock.

So what’s all this space talk that Citron Research is going on about in its Tweet? The blank-check company is preparing to take AST SpaceMobile public via a SPAC merger. AST SpaceMobile is a company looking to set up a mobile wireless network in space.

New Providence Acquisition and AST SpaceMobile haven’t completed their deal just yet but it should be too far off. The two companies are expecting the merger to close during the first quarter of this year.

It’s also worth noting that AST SpaceMobile already has some big name investors backing its space efforts. That includes the likes of Vodafone (NASDAQ:VOD), Rakuten (OTCMKTS:RKUNY), American Tower (NYSE:AMT), and Cisneros.

Citron Research’s Tweet sparked heavy trading of NPA stock today. As of this writing, more than 8 million shares of the stock have changed hands. For comparison, the stock’s daily average trading volume is 1.43 million shares.

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NPA stock was up 17.7% as of Tuesday afternoon and is up 69.6% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


View more information: https://investorplace.com/2021/02/npa-stock-new-providence-acquisition-blasts-off-on-space-spac-to-own-tweet/

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