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AST SpaceMobile (NASDAQ:ASTS) has accumulated $306.5 million in investments and aggregate financing, according to a letter from CEO Abel Avellan sent to shareholders on Tuesday.
The new capital is expected to advance the company commercially and strategically. The company said it is building a space cellular broadband network accessible via smartphones.
“AT&T (T) and Google (GOOG) join existing strategic investors Vodafone (VOD), Rakuten (OTCPK:RKUNF), American Tower (AMT) and Bell Canada; industry leaders own more than 20% of AST SpaceMobile,” Avellan said. “The support of these leaders, along with the more than 40 mobile network operators with whom we have agreements and understandings and who have more than 2 billion subscribers worldwide, is necessary for us to achieve our mission.”
The company is building a series of satellites called BlueBirds.
“With our first five commercial satellites fully funded, last year we turned our attention to building and launching the next-generation BlueBirds, which are designed to improve performance 10-fold,” the letter continues.
AST SpaceMobile (ASTS) has plummeted 41% in the past year. Pursuing Alpha's quantitative system is considered a high-risk investment.
