AST SpaceMobile Provides Second Quarter 2023 Business Update

About this update from Ast Spacemobile, Inc.

[{"type":"text","content":"\nConfirmed historic space-based 4G LTE cellular broadband capabilities alongside AT&T, Vodafone and Nokia; and completed comprehensive interim financing package\n\n\n MIDLAND, Texas--(BUSINESS WIRE)--\nAST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, is providing its business update for the second quarter ended June 30, 2023.\n\n\n“AST SpaceMobile continues to make history. This quarter we achieved space-based 4G LTE cellular broadband capabilities to everyday smartphones, reaching speeds above 10 Mbps during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “We are now laser-focused on the manufacturing of our BlueBird satellites. The first five satellites are fully-funded with a planned launch in Q1 2024 as we target to offer initial commercial service in 2024.”\n\n\n“On the back of the progress of our company technically, commercially and industrially, we have received multiple indications of interest for strategic investments with both equity-linked and non-dilutive commercial payments,” said Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. “Proceeds from this prospective capital raise are intended to fund the manufacturing and launch of additional BlueBird satellites launches beyond our first five commercial satellites.”\n\n\n“We are happy to announce the completion of a comprehensive financing package providing us up to $179 million of cash and liquidity,” said Sean Wallace, Chief Financial Officer of AST SpaceMobile. “This financing package is comprised of an up to $100 million Senior Secured Credit Facility and a $15 million Equipment-Backed Loan completed today, in addition to a $57 million previously announced common stock offering in June 2023 and $7 million raised under the ATM program during the second quarter of 2023.”\n\n\nBusiness Update\n\n\n\nHistory made, again, with space-based 4G LTE cellular broadband capabilities confirmed to everyday smartphones, reaching speeds above 10 Mbps during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia\n\n\n\nContinued commercial and regulatory progress, with 40+ MOUs and agreements with mobile network operators globally that have ~2.4 billio...

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