AST SpaceMobile raises $75m
December 5, 2022
By Colin Mann
AST SpaceMobile, the company building what it claims is the first space-based cellular broadband network accessible directly by standard mobile phones, has confirmed the closing of its offering of 13,636,364 shares of Class A Common Stock raising gross proceeds of $75 million (€71.1m).
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,” 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.