AST SpaceMobile CEO Publishes Letter to Shareholders
23 Janvier 2024 - 5:33PM
Business Wire
AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the
company building the first and only space-based cellular broadband
network accessible directly by everyday smartphones, today
announced that Abel Avellan, Chairman and Chief Executive Officer
of AST SpaceMobile, published a letter to shareholders. The full
text of the letter is below.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240123933920/en/
Dear Fellow Shareholders,
Last week’s announcement of strategic investments from AT&T,
Google and Vodafone and aggregate new financing of up to $306.5
million in gross proceeds, represents a major leap forward for AST
SpaceMobile, not only providing new incremental capital, but
perhaps more importantly defining the path forward for the company
strategically and commercially.
The right long-term partners
AST SpaceMobile, the only company that has proven technology to
deliver cellular broadband connectivity directly from space to your
everyday smartphones, is now supported by global leaders in the
wireless ecosystem.
- Being able to announce investment by AT&T, Google and
Vodafone is humbling and a true testament to the company’s
achievements, and the opportunity ahead of us.
- AT&T and Google join existing strategic investors Vodafone,
Rakuten, American Tower and Bell Canada, industry leaders own over
20% of AST SpaceMobile (on a fully-diluted economic basis). The
support from these leaders, alongside the 40+ mobile network
operators with whom we have agreements and understandings and who
have over 2 billion subscribers around the world, is necessary for
us to achieve our mission.
- Commercial revenue secured with AT&T and with Vodafone
(subject to a definitive agreement), and anticipated government
related revenues should enable AST SpaceMobile to attract long
term, low-cost quasi-governmental funding.
- Google and AST SpaceMobile agreed to collaborate on product
development, testing and implementation plans for SpaceMobile
network connectivity on its Android and related devices.
- Lastly, we continue to advance discussions with additional
strategic partners, following the blueprint of commercial payments
alongside commercial agreements.
The right strategic and commercial investment model
- The largest piece of capital raised last week was 10-year
subordinated convertible notes with 5.50% interest (which may be
paid in kind), with a conversion price of $5.75 per share.
- AT&T and Vodafone, two of our prospective top customers,
are not only investing in AST SpaceMobile, but also making $45.0
million of non-dilutive commercial payments (subject to conditions)
on non-dilutive commercial payments and purchasing network
equipment, actions which actively shape our commercial and
go-to-market strategy and provide a structure for us to bring other
customers onto the SpaceMobile network.
- Lastly, while these first commercial payments represent only a
small portion of the revenue opportunity in front of us, we believe
they are helpful tools for jump-starting the service and
efficiently funding the company.
The right amount of capital to support the commercial roll
out
- With our first five commercial satellites fully-funded, last
year we turned our attention to building and launching the
next-generation BlueBirds, which are designed for a 10x improvement
in throughput.
- The series of simultaneous deals announced last week reflected
our decision that $300 million was the right amount of capital to
bring all together at once.
- Altogether, we announced up to $306.5 million in aggregate
gross proceeds, including convertible notes, non-dilutive
commercial payments, common equity and a planned future draw on the
company’s existing credit facility.
- With our new incremental cash, we continue to maintain momentum
and we are also well positioned to finance AST SpaceMobile
efficiently for shareholders.
Let’s keep making history together
- I am confident that, over the long term, the value of our
technology, our strategy, and our partner ecosystem will be fully
recognized and realized.
- I, along with all of the members of the AST SpaceMobile board
of directors and management team, could not be more excited for the
future of space-based communications, and we are excited to be the
team leading the first and only space-based cellular broadband
network.
- Let’s keep it up to achieve our mission of connecting the
unconnected!
Sincerely,
Abel Avellan Chairman and Chief Executive Officer AST
SpaceMobile
This press release is not an offer to sell the Company’s Class A
Common Stock or any other securities of the Company and does not
constitute the solicitation of an offer to buy these securities in
any jurisdiction where the offer or sale is not permitted.
About AST SpaceMobile
AST 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
YouTube, X (formerly Twitter), LinkedIn and Facebook. Watch this
video for an overview of the SpaceMobile mission.
Forward-Looking Statements
This communication contains “forward-looking statements” that
are not historical facts, and involve risks and uncertainties that
could cause actual results of AST SpaceMobile to differ materially
from those expected and projected. These forward-looking statements
can be identified by the use of forward-looking terminology,
including the words “believes,” “estimates,” “anticipates,”
“expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,”
“projects,” “predicts,” “continue,” or “should,” or, in each case,
their negative or other variations or comparable terminology.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside AST SpaceMobile’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (i) expectations regarding AST SpaceMobile’s strategies
and future financial performance, including AST’s future business
plans or objectives, expected functionality of the SpaceMobile
Service, anticipated timing of the launch of the Block 1 Bluebird
satellites, anticipated demand and acceptance of mobile satellite
services, prospective performance and commercial opportunities and
competitors, the timing of obtaining regulatory approvals, ability
to finance its research and development activities, commercial
partnership acquisition and retention, products and services,
pricing, marketing plans, operating expenses, market trends,
revenues, liquidity, cash flows and uses of cash, capital
expenditures, and AST’s ability to invest in growth initiatives;
(ii) the negotiation of definitive agreements with mobile network
operators relating to the SpaceMobile service that would supersede
preliminary agreements and memoranda of understanding and the
ability to enter into commercial agreements with other parties or
government entities; (iii) the ability of AST SpaceMobile the
achieve the requirements necessary to realize the prepaid revenue
opportunities from AT&T and Vodafone; (iv) the ability of AST
to receive the waiver necessary to draw up to $51.5 million under
its senior-secured credit facility; (v) the ability of AST to
complete additional financings through strategic investors and/or
quasi-governmental sources on terms and conditions that are
favorable to the Company, or at all; (vi) the ability of AST
SpaceMobile to grow and manage growth profitably and retain its key
employees and AST SpaceMobile’s responses to actions of its
competitors and its ability to effectively compete; (vii) changes
in applicable laws or regulations; (viii) the possibility that AST
SpaceMobile may be adversely affected by other economic, business,
and/or competitive factors; (ix) the outcome of any legal
proceedings that may be instituted against AST SpaceMobile; and (x)
other risks and uncertainties indicated in the Company’s filings
with the SEC, including those in the Risk Factors section of AST
SpaceMobile’s Form 10-K filed with the SEC on March 31, 2023.
AST SpaceMobile cautions that the foregoing list of factors is
not exclusive. AST SpaceMobile cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. For information identifying important factors
that could cause actual results to differ materially from those
anticipated in the forward-looking statements, please refer to the
Risk Factors incorporated by reference into AST SpaceMobile’s Form
10-K filed with the SEC on March 31, 2023. AST SpaceMobile’s
securities filings can be accessed on the EDGAR section of the
SEC’s website at www.sec.gov. Except as expressly required by
applicable securities law, AST SpaceMobile disclaims any intention
or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240123933920/en/
Investor Contact: Scott Wisniewski investors@ast-science.com
Media Contact: Allison Eva Murphy Ryan 917-547-7289
ASTSpaceMobile@allisonpr.com
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