What is going on with NBA?
Shares of New Beginnings Acquisition Corp (NBA) opened higher on Wednesday after Airspan Networks announced it had successfully completed a series of tests with Hewlett Packard Enterprise (HPE) demonstrating the ability to integrate end-to-end Open RAN architecture into HPE’s 5G Standalone network core. Airspan Networks is a US-based company that provides software and hardware for 5G network solutions.
In March 2021, Airspan entered into a business combination agreement with NBA in a SPAC deal worth around $822 million. Following the deal's completion, 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.
As of Wednesday at 12:01pm, shares of NBA increased 0.3% to $10.01.
What does this mean for New Beginnings Acquisition?
Airppan's expertise in radio access technology (RAN) will make the company a key partner with HPE as it attempt to successfully deploy its 5G infrastructure. HPE labeled them "proven leaders of Open RAN solutions" and stated that they "demonstrate the innovation, experience, and scale that our customers expect.” The goal of both companies is to provide seamless interconnection between remote private cloud networks hosting Open RAN and 5G core.
“This successful series of tests with HPE is another example of our focus on innovation and accelerating the development of end-to-end Open RAN and 5G solutions,” said Eric Stonestrom, CEO of Airspan. “This collaboration with HPE, a global leader in 5G Core Networks and cloud solutions, is a great joint effort helping to accelerate Open RAN adoption and enhance the ecosystem.”
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New Beginnings Acquisition Corp is a blank check company.
