AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), and
Verizon (NYSE, NASDAQ: VZ) today announced a strategic partnership
with a commitment of $100 million from Verizon, to provide
direct-to-cellular AST SpaceMobile service when needed for Verizon
customers.
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the full release here:
https://www.businesswire.com/news/home/20240529554741/en/
AST SpaceMobile and Verizon Announce
Strategic Partnership (Photo: Business Wire)
“This new partnership with Verizon will enable AST SpaceMobile
to target 100% coverage of the continental United States on premium
850 MHz spectrum with two major U.S. mobile operators in the most
valuable wireless market in the world, a transformational
commercial milestone,” said Abel Avellan, Founder, Chairman, and
CEO of AST SpaceMobile. “This partnership will enhance cellular
connectivity in the United States, essentially eliminating dead
zones and empowering remote areas of the country with space-based
connectivity.”
“Verizon has always been strategic and efficient with our
spectrum strategy. We use the spectrum entrusted to us to deliver
outstanding cellular service for our customers through our
terrestrial network. By entering into this agreement with AST, we
will now be able to use our spectrum in conjunction with AST’s
satellite network to provide essential connectivity in remote
corners of the U.S. where cellular signals are unreachable through
traditional land-based infrastructure,” said Srini Kalapala, Senior
Vice President of Technology and Product Development at
Verizon.
The combination of Verizon’s highly reliable terrestrial mobile
network, the multi-operator 850 Mhz band and the largest and most
powerful commercial communications arrays ever deployed in low
Earth orbit, is planned to enable cellular consumers to stay
connected wherever they are, anywhere in the continental United
States. The $100 million Verizon commitment includes $65 million
of commercial prepayments, $45 million of which are subject to
certain conditions, and $35 million of convertible notes.
Today, AST SpaceMobile has agreements with more than 45 mobile
network operators globally who collectively serve over 2.8 billion
existing subscribers. The company produces its state-of-the-art
satellite technology in Midland, Texas, with manufacturing and
testing facilities that collectively span 185,000 square feet.
About AST SpaceMobile
AST SpaceMobile is building the first and only global cellular
broadband network in space to operate directly with standard,
unmodified mobile devices based on our extensive IP and patent
portfolio. Our engineers and space scientists are on a mission to
eliminate the connectivity gaps faced by today’s five billion
mobile subscribers and finally bring broadband to the billions who
remain unconnected. For more information, follow AST SpaceMobile on
YouTube, X (Formerly Twitter), LinkedIn and Facebook. Watch this
video for an overview of the SpaceMobile mission.
About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed in
2000 and is one of the world’s leading providers of technology and
communications services. Headquartered in New York City and with a
presence around the world, Verizon generated revenues of $134.0
billion in 2023. The company offers data, video and voice services
and solutions on its award-winning networks and platforms,
delivering on customers’ demand for mobility, reliable network
connectivity and security.
Forward-Looking Statements
This communication contains “forward-looking statements” that
are not historical facts, and involve risks and uncertainties that
could cause actual results of AST SpaceMobile to differ materially
from those expected and projected. These forward-looking statements
can be identified by the use of forward-looking terminology,
including the words “believes,” “estimates,” “anticipates,”
“expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,”
“projects,” “predicts,” “continue,” or “should,” or, in each case,
their negative or other variations or comparable terminology.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside AST SpaceMobile’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (i) expectations regarding AST SpaceMobile’s strategies
and future financial performance, including AST’s future business
plans or objectives, expected functionality of the SpaceMobile
Service, anticipated timing of the launch of the Block 1 Bluebird
satellites, anticipated demand and acceptance of mobile satellite
services, prospective performance and commercial opportunities and
competitors, the timing of obtaining regulatory approvals, ability
to finance its research and development activities, commercial
partnership acquisition and retention, products and services,
pricing, marketing plans, operating expenses, market trends,
revenues, liquidity, cash flows and uses of cash, capital
expenditures, and AST’s ability to invest in growth initiatives;
(ii) the negotiation of definitive agreements with mobile network
operators relating to the SpaceMobile service that would supersede
preliminary agreements and memoranda of understanding and the
ability to enter into commercial agreements with other parties or
government entities; (iii) the ability of AST SpaceMobile to grow
and manage growth profitably and retain its key employees and AST
SpaceMobile’s responses to actions of its competitors and its
ability to effectively compete; (iv) changes in applicable laws or
regulations; (v) the possibility that AST SpaceMobile may be
adversely affected by other economic, business, and/or competitive
factors; (vi) the outcome of any legal proceedings that may be
instituted against AST SpaceMobile; and (vii) other risks and
uncertainties indicated in the Company’s filings with the SEC,
including those in the Risk Factors section of AST SpaceMobile’s
Form 10-K filed with the SEC on April 1, 2024.
AST SpaceMobile cautions that the foregoing list of factors is
not exclusive. AST SpaceMobile cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. For information identifying important factors
that could cause actual results to differ materially from those
anticipated in the forward-looking statements, please refer to the
Risk Factors incorporated by reference into AST SpaceMobile’s Form
10-K filed with the SEC on April 1, 2024. AST SpaceMobile’s
securities filings can be accessed on the EDGAR section of the
SEC’s website at www.sec.gov. Except as expressly required by
applicable securities law, AST SpaceMobile disclaims any intention
or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529554741/en/
Investors: Scott Wisniewski investors@ast-science.com
Media: Allison Eva Murphy Ryan 917-547-7289
AstSpaceMobile@allisonpr.com
Verizon Katie Magnotta 201-602-9235
Katie.Magnotta@verizon.com
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