AST SpaceMobile’s stock has increased after reaching a milestone

Stocks of AST SpaceMobile have increased after the firm reaches a milestone

November 15, 2022: -On Monday, Satellite-to-smartphone connectivity venture AST SpaceMobile announced that the wide antenna of its launched test satellite deployed successfully, a critical milestone in the firm’s development of a global network to deliver 5G broadband service.

The BlueWalker 3 satellite is establishing on SpaceX’s Falcon 9 rocket in September, which deployed its 693-square-foot antenna, which the company calls the most significant-ever array deployed in low Earth orbit.

AST SpaceMobile stock bounced about 18% in premarket trading on Monday from its close of $8.83 a share. The shares are up 11% so far this year.

“Every person should have the right to cellular broadband, regardless of where they live. Our aim is to end the connectivity openings that impact billions of lives worldwide,” AST SpaceMobile chairman and CEO Abel Avellan stated.

The company is among numerous competitors trying to create such a service, an untapped market that’s been a dream for satellite talking.

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AST’s network consists of a constellation of 168 satellites, with the firm adding that it reaches global coverage once 110 are in orbit. BlueWalker 3 represents AST’s second test satellite and plans to deploy its operational BlueBird satellites late next year.

The satellite firm went public via a SPAC in the previous year and has raised over $600 million. AST has racked up several mobile telecom partnerships for its service, which include AT&T, Vodafone, Rakuten and more.

On Monday, AT&T network president Chris Sambar said that the company is “excited” AST is reaching “this significant milestone.”

“Working with AST SpaceMobile, believing there is a future opportunity to extend our network reach, which includes otherwise remote and off-grid locations,” Sambar added.

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AST SpaceMobile’s stock has increased after reaching a milestone