AST SpaceMobile, Inc. (ASTS) saw its stock surge 5.21% in pre-market trading on Monday, following the company's announcement of securing long-term access to premium mid-band spectrum in the United States for its direct-to-device satellite applications.
The company revealed that it has entered into an agreement that grants it access to up to 45 MHz of the highly coveted lower mid-band spectrum range. This spectrum is crucial for AST SpaceMobile's plans to provide seamless connectivity from space directly to mobile devices.
Additionally, AST SpaceMobile announced a significant $550 million financing commitment from institutional investors. This capital infusion is expected to support the company's ambitious plans to deploy its satellite constellation and roll out its innovative direct-to-device satellite services.
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