AST SpaceMobile Closes Capital Raise, Adds New Stockholders

AST SpaceMobile has closed its capital raise offering of 13,636,364 shares of Class A Common Stock raising gross proceeds of $75.0 million. B. Riley Securities (“B. Riley”) was the sole book-running manager of the offering. The Company has also granted B. Riley a 30-day option to purchase an additional 2,045,454 shares to cover over-allotments, if any, which would raise an additional $11.25 million in gross proceeds for AST SpaceMobile if exercised.

“We are pleased to announce this successful capital raise as we continue executing on our mission of connecting the unconnected.”

Sean Wallace, Chief Financial Officer of AST SpaceMobile.

“We are pleased to announce this successful capital raise as we continue executing on our mission of connecting the unconnected,” said Sean Wallace, Chief Financial Officer of AST SpaceMobile. “We were excited to see the demand for this offering, which allowed us to upsize the offering from $65 million. We welcome all of our new stockholders.”

The proceeds will be used for general corporate purposes, and will contribute to funding production and launch of the first phase of the Company’s commercial satellites.

Capital Raise will Support Cellular Broadband Network in Space

AST SpaceMobile is building a global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on an extensive IP and patent portfolio. The company's engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected.

The company's Bluewalker 3 test satellite has been fully deployed in LEO, paving the way for testing to begin for direct-to-cell phone communication from space. BW3 is the largest-ever commercial communications array deployed in low Earth orbit and is designed to communicate directly with cellular devices via 3GPP standard frequencies at 5G speeds. Now that it has been unfolded, the satellite spans 693 square feet in size, a design feature critical to support a space-based cellular broadband network. The satellite is expected to have a field of view of over 300,000 square miles on the surface of the Earth.

However, The International Astronomical Union Center for the Protection of the Dark and Quiet Sky from Satellite Constellation Interference (IAU CPS) recently released a statement expressing concern about the potential impact of the BlueWalker 3 satellite on astronomy. New measurements reveal that this low Earth orbiting satellite is now one of the brightest objects in the night sky, outshining all but the brightest stars. In addition, the satellite’s use of terrestrial radio frequencies poses a new challenge to radio astronomy.

(Source: AST SpaceMobile news release. Image provided)