AST SpaceMobile Announces Agreement to Sell Its Investment in NanoAvionics
July 05 2022 - 2:02AM
Business Wire
The sale is expected to generate approximately
$28 million net cash proceeds and close in the third quarter of
2022
AST SpaceMobile, Inc. (NASDAQ: ASTS), the company building the
first and only space-based cellular broadband network accessible
directly by standard mobile phones, announced it has entered into a
definitive agreement to sell its majority ownership stake in
NanoAvionics, a leading smallsat mission integrator and bus
manufacturer based in Lithuania.
The transaction values NanoAvionics at an enterprise valuation
of approximately $68 million and is expected to close in the third
quarter of 2022, subject to customary closing conditions including
any required regulatory reviews, and generate approximately $28
million in net proceeds to AST SpaceMobile at closing. AST
SpaceMobile will sell its majority stake NanoAvionics to Kongsberg
Defence & Aerospace, the Nordic region’s largest industrial
space company and global leader in maritime surveillance.
“We are proud of our partnership with NanoAvionics and wish the
entire team continued success in its next chapter,” said Scott
Wisniewski, AST SpaceMobile Chief Strategy Officer. “The planned
sale of our investment in NanoAvoinics will provide additional
liquidity and allow AST SpaceMobile to focus on its core,
direct-to-cell phone technology and the launch of the first
commercial satellites. Together with existing balance sheet cash,
proceeds from the sale and the recently announced $75 million
committed equity facility, we have access to significant liquidity
to execute our business plan.”
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
Facebook, Twitter, LinkedIn and YouTube. Watch this video for an
overview of the SpaceMobile mission.
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 and level of deployment of 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; (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 March 31,
2022.
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 March 31, 2022. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220704005437/en/
AST SpaceMobile Investor: Scott Wisniewski
investors@ast-science.com
Media: Brandyn Bissinger press@ast-science.com +1 866 845
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