Verizon to invest $100 million in AST SpaceMobile
Posted: Sun, Jun 2, 2024, 10:21 AM ET (1421 GMT)
Verizon will invest $100 million into AST SpaceMobile to support its direct-to-smartphone services. The $100 million commitment comprises $65 million in commercial prepayments and $35 million in convertible debt. AST SpaceMobile CEO Abel Avellan called the deal a "transformational commercial milestone" for the venture's proposed constellation, paving the way to fully cover the continental United States. It comes after another mobile operator, AT&T, made a $20 million prepayment to AST SpaceMobile earlier in the year; AT&T, Google and British telco Vodafone have also banded together to provide $110 million in funding to AST SpaceMobile via convertible debt.
Verizon will invest $100 million into AST SpaceMobile to support its direct-to-smartphone services. The $100 million commitment comprises $65 million in commercial prepayments and $35 million in convertible debt. AST SpaceMobile CEO Abel Avellan called the deal a "transformational commercial milestone" for the venture's proposed constellation, paving the way to fully cover the continental United States. It comes after another mobile operator, AT&T, made a $20 million prepayment to AST SpaceMobile earlier in the year; AT&T, Google and British telco Vodafone have also banded together to provide $110 million in funding to AST SpaceMobile via convertible debt.
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