An illustration of the SpaceMobile satellite tv for pc constellation.
Shares of satellite-to-smartphone broadband firm AST SpaceMobile started buying and selling on the Nasdaq on Wednesday, with the corporate the primary amongst a flurry of current area firms to shut its SPAC deal.
AST SpaceMobile trades underneath the ticker ASTS, with shares beforehand listed underneath the SPAC New Windfall earlier than the merger.
A SPAC—or particular function acquisition firm—is a shell firm that is designed to lift cash by way of an preliminary public providing for the aim of buying a personal agency and taking it public.
The inventory climbed as a lot as 5% in early buying and selling on Wednesday, up from its earlier shut of $11.60 a share.
AST’s company headquarters and high-volume manufacturing facility in Midland, Texas
AST & Science
AST SpaceMobile, based mostly in Midland, Texas, is constructing a community of satellites, also called a constellation, that’s designed to ship broadband from area on to shopper smartphones.
Present satellite tv for pc networks require extra bodily gadgets to hook up with the service, reminiscent of Iridium’s cell satellite tv for pc telephones or SpaceX’s Starlink consumer terminals.
The corporate, which raised about $120 million in non-public capital earlier than the SPAC deal, expects so as to add about $462 million in whole proceeds from the merger. The brand new capital will fund the corporate’s growth of its community, with AST planning to launch its subsequent demonstration satellite tv for pc BlueWalker 3 later this yr.
The shut of AST’s deal comes as the primary amongst a current collection of area SPACs. Together with AST, seven area firms have introduced SPAC mergers up to now six months.