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AST SpaceMobile, Inc. (NYSE:ASTS) shares are trading higher after the company announced confirmation for a September 12 launch target for BlueBird Satellites from Cape Canaveral, Florida.
The company expects to raise over $155 million from warrant redemptions, bringing its total cash to over $440 million on a pro forma basis as of June 30, 2024.
The first five commercial satellites, known as BlueBirds, will be equipped with the largest commercial communications arrays ever deployed in low Earth orbit.
After launch, these satellites are expected to provide non-continuous cellular broadband service across the U.S. and select global markets.
The initial service will leverage premium low-band spectrum and support beta testing for AT&T and Verizon, targeting nearly 100% nationwide coverage in the U.S. with over 5,600 coverage cells.
Abel Avellan, Founder, Chairman, and CEO of AST SpaceMobile, said, “As we shift our manufacturing focus to increase Block 2 production of the active payload systems and other components for the first 17 Block 2 satellites, we are excited to bring this revolutionary technology to the world.”
The company had earlier said that it is on track to launch five satellites in early September 2024.
As of June-end, the company had pro forma cash, cash equivalents, and restricted cash of over $440.0 million, including over $155.0 million in expected warrant exchange proceeds.
Last month, the company reported a second-quarter adjusted loss of 51 cents per share, missing analyst estimates for a loss of 22 cents per share.
Investors can gain exposure to the stock via Procure Space ETF (NASDAQ:UFO) and Invesco Dorsey Wright Technology Momentum ETF (NASDAQ:PTF).
Price Action: ASTS shares are up 10.4% at $32.46 at the last check Wednesday.
Photo via Company
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
