The sale is expected to generate approximately $28 million in net proceeds and will close in the third quarter of 2022
MIDLAND, TX, July 05, 2022–(BUSINESS WIRE)–AST SpaceMobile, Inc. (NASDAQ: ASTS), the company building the first and only space-based broadband cellular network directly accessible through standard cellular phones, announced that it has entered into a definitive agreement on the sale of his company majority stake in NanoAvionics, a leading small satellite 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 upon closing will generate approximately $28 million in net proceeds for AST SpaceMobile. AST SpaceMobile will sell its majority stake in NanoAvionics to Kongsberg Defense & Aerospace, the Nordic region’s largest space industrial company and a 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, Chief Strategy Officer of AST SpaceMobile. “The proposed sale of our investment in NanoAvoinics will provide additional liquidity and allow AST SpaceMobile to focus on its core technology, direct-to-mobile transmission, and the launch of the first commercial satellites. Combined with the cash on hand from the balance sheet 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 off-the-shelf, unmodified mobile devices based on our extensive IP and patent portfolio. Our engineers and space scientists are dedicated to bridging the connectivity gaps faced by today’s five billion mobile subscribers and finally bringing broadband to the billions who still don’t have access. For more information, follow AST SpaceMobile on Facebook, Twitter, LinkedIn and YouTube. Watch this video for an overview of the SpaceMobile mission.
This release contains “forward-looking statements” that are not historical facts and involve risks and uncertainties that could cause AST SpaceMobile’s actual results to differ materially from those anticipated and projected. These forward-looking statements are identified by the use of forward-looking terminology, including the words “believe”, “estimate”, “anticipate”, “expect”, “intend”, “plan”, “may”, “will”. ,”, “would,” “potential,” “projects,” “forecast,” “continue,” or “should,” or any of their negative or other variations, or comparable terminology.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from anticipated results. Most of these factors are beyond 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 goals, the expected functionality of the SpaceMobile Service, the anticipated timing and extent of satellite deployment, anticipated demand and acceptance of mobile satellite services, anticipated performance and commercial opportunities and competitors, timing of obtaining regulatory approvals, ability to fund its research and development activities, acquisition and retention of commercial partnerships, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and use of cash, capital expenditures and AST’s ability to invest in growth initiatives; (ii) negotiating definitive agreements with mobile network operators relating to the SpaceMobile service that would supersede preliminary agreements and letters of intent; (iii) AST SpaceMobile’s ability to grow profitably and to manage growth and retain its key employees and AST SpaceMobile’s response to actions by its competitors and its ability to compete effectively; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile will 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 identified in the Company’s filings with the SEC, including those set forth 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 on forward-looking statements, which speak only as of the date on which they are made. For information about important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please see the Risk Factors incorporated by reference in AST SpaceMobile’s Form 10-K, filed March 31 Filed with the SEC in 2022. AST SpaceMobile’s securities filings can be accessed under the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities laws, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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