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 house firms to shut its SPAC deal.
AST SpaceMobile trades below the ticker ASTS, with shares beforehand listed under the SPAC New Providence earlier than the merger.
A SPAC—or particular goal acquisition firm—is a shell firm that is designed to lift cash by an preliminary public providing for the aim of buying a non-public 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, often known as a constellation, that’s designed to ship broadband from house on to client smartphones.
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 house SPACs. Together with AST, seven space companies have announced SPAC mergers prior to now six months.