Satellite player AST SpaceMobile set the wheels in motion on a public offering for $65 million worth of shares, as it cautioned investors it would need to splash significant amounts of cash before raising revenue from its core proposition.
In filings made with the US Securities and Exchange Commission, the company noted prospective funds raised from the sale were yet to be allocated to specific areas. However, it pointed to a number of segments it will need to invest in to bring its proposition to the market.
These include satellite design, assembly and launch, developing the components of the SpaceMobile Service, R&D, buying raw materials, testing, and increasing its repair and maintenance capabilities.
It noted alongside the share sale, it was in talks with other parties about improving its financial position.
AST SpaceMobile plans to provide mobile connectivity from satellites directly to standard handsets. It already has trial agreements in place with a number of operators [1].
The company is already publicly listed in the US following an IPO in 2021. It also has several high-profile partners in the mobile industry including Vodafone Group, AT&T and American Tower.
[1] https://www.mobileworldlive.com/featured-content/top-three/ast-spacemobile-hooks-up-with-orange-on-satellite-trial/
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