Press release
AST SpaceMobile Announces Agreement to Sell Its Investment in NanoAvionics
The sale is expected to generate approximately $28 million net cash proceeds and close in the third quarter of 2022 MIDLAND, Texas--(BUSINESS WIRE)-- AST
About this update from Ast Spacemobile, Inc.
[{"type":"text","content":"\nThe sale is expected to generate approximately $28 million net cash proceeds and close in the third quarter of 2022\n\n MIDLAND, Texas--(BUSINESS WIRE)--\nAST SpaceMobile, Inc. (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, announced it has entered into a definitive agreement to sell its majority ownership stake in NanoAvionics, a leading smallsat mission integrator and bus manufacturer based in Lithuania.\n\nThe transaction values NanoAvionics at an enterprise valuation of approximately $68 million and is expected to close in the third quarter of 2022, subject to customary closing conditions including any required regulatory reviews, and generate approximately $28 million in net proceeds to AST SpaceMobile at closing. AST SpaceMobile will sell its majority stake NanoAvionics to Kongsberg Defence & Aerospace, the Nordic region’s largest industrial space company and global leader in maritime surveillance.\n\n“We are proud of our partnership with NanoAvionics and wish the entire team continued success in its next chapter,” said Scott Wisniewski, AST SpaceMobile Chief Strategy Officer. “The planned sale of our investment in NanoAvoinics will provide additional liquidity and allow AST SpaceMobile to focus on its core, direct-to-cell phone technology and the launch of the first commercial satellites. Together with existing balance sheet cash, proceeds from the sale and the recently announced $75 million committed equity facility, we have access to significant liquidity to execute our business plan.”\n\nAbout AST SpaceMobile\n\nAST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio. Our 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. For more information, follow AST SpaceMobile on Facebook, Twitter, LinkedIn and YouTube. Watch this video for an overview of the SpaceMobile mission.\n\nForward-Looking Statements\n\nThis communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could caus...