AST SpaceMobile Announces Agreement to Sell Investment in NanoAvionics
MIDLAND, Texas–(BUSINESS WIRE). , 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 required regulatory reviews, and generate net proceeds of approximately $28 million for AST SpaceMobile at closing. AST SpaceMobile will sell its majority stake in NanoAvionics to Kongsberg Defense & Aerospace, the largest industrial space company in the Nordic region and world 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 planned sale of our investment in NanoAvoinics will provide additional liquidity and allow AST SpaceMobile to focus on its core technology, direct mobile telephony, and the launch of the first commercial satellites. With existing balance sheet cash, sale proceeds 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 work directly with standard, unmodified mobile devices based on our extensive patent and IP portfolio. Our space engineers and scientists are on a mission to close the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who are still unconnected. For more information, follow AST SpaceMobile on Facebook, Twitter, LinkedIn and YouTube. Watch this video for an overview of the SpaceMobile mission.
This communication 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 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”, “expects”. , “may”, “will”. ,” “would”, “potential”, “plans”, “predicts”, “continues” or “should”, or, in each case, negative or other variations thereof or comparable terminology.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond AST SpaceMobile’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s future strategies and financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile service, expected timing and level of satellite deployment, anticipated demand and acceptance of mobile satellite services, performance and potential business opportunities and competitors, timing for obtaining regulatory approvals , ability to fund its research and development activities, acquisition and retention of business partnerships, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity , cash flow and liquidity usage, capital expenditures and AST’s ability to invest in initiatives growth; (ii) negotiation of definitive agreements with mobile network operators relating to the SpaceMobile service which would replace the preliminary agreements and memorandums of understanding; (iii) AST SpaceMobile’s ability to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to the actions of its competitors and its ability to compete effectively; (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 brought against AST SpaceMobile; and (vii) other risks and uncertainties set forth 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 above 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 they are made. For additional information identifying 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 with of the SEC on March 31, 2022. AST SpaceMobile’s securities filings may be viewed in 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 statement, whether as a result of new information, future events or otherwise.