AST SpaceMobile CEO Publishes Letter to Shareholders

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.

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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