AST SpaceMobile, Verizon partner on direct-to-cellular AST SpaceMobile service

AST SpaceMobile (ASTS), and Verizon (VZ) announced a strategic partnership with a commitment of $100M from Verizon, to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers. The combination of Verizon’s terrestrial mobile network, the multi-operator 850 Mhz band and the commercial communications arrays ever deployed in low Earth orbit, is planned to enable cellular consumers to stay connected in the continental United States. The $100M Verizon commitment includes $65M of commercial prepayments, $45M of which are subject to certain conditions, and $35M of convertible notes. AST SpaceMobile has agreements with more than 45 mobile network operators globally who collectively serve over 2.8 billion existing subscribers.