Atlas Credit Partners Provides $100 Million Strategic Financing to AST SpaceMobile

Rhea-AI Summary

AST SpaceMobile, Inc. (ASTS) Receives $100 Million Strategic Financing from Atlas Credit Partners (ACP) to Build Global Satellite-Based Cellular Broadband Network

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• AST SpaceMobile, Inc. receives a significant $100 million strategic financing from Atlas Credit Partners to support the development of a globally connected satellite-based cellular broadband network accessible by standard mobile phones.
• The financing will provide AST with additional resources to achieve its next commercial milestones, including satellite implementation and integration.
• AST's existing capital base of approximately $800 million, robust suite of proprietary technology, and partnerships with industry leaders like AT&T, Vodafone, and American Tower position the company for long-term success.

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HOUSTON, Aug. 15, 2023 /PRNewswire/ -- Atlas Credit Partners ("ACP"), an asset management firm specializing in investing and partnering with businesses on a direct basis, today announced a $100 million strategic financing to AST SpaceMobile, Inc. ("AST") (NASDAQ: ASTS), with approximately $50 million funded at closing. 

The ACP credit facility will provide AST with additional resources to continue building a globally connected satellite-based cellular broadband network directly accessible by standard mobile phones. Capital from the ACP facility will allow AST to reach its next commercial milestones, including satellite implementation and integration.

"We are thrilled to partner with Atlas Credit Partners as we continue to pursue our mission to eliminate the connectivity gaps faced by billions of people around the world," said Sean Wallace, Chief Financial Officer of AST SpaceMobile. "Atlas Credit Partners' financial commitment to us is an important part of our comprehensive financing plan."

ACP's investment builds upon AST's existing capital base of approximately $800 million invested to date.  This investment, along with AST's robust suite of proprietary technology, best-in-class manufacturing facilities, and existing partnerships with telecom industry leaders such as AT&T, Vodafone, and American Tower, will allow the Midland, TX-based company to further its goal of building a global satellite-based telecommunications network.

"The partnership recently announced with AST demonstrates ACP's commitment to structuring flexible capital solutions for best-in-class companies. It's a privilege to invest alongside so many global industry leaders and further position AST for long-term success," said Drew Mallozzi, Chief Investment Officer and Managing Partner at Atlas Credit Partners.

To learn more, visit https://www.atlascreditpartners.com or https://www.ast-science.com. 

About Atlas Credit Partners
Atlas Credit Partners is a Houston, TX based asset management firm specializing in value-oriented investing and partnering directly with management teams, and other businesses in transition. The company has invested more than $850 million on behalf of its partners and stakeholders and is currently investing through multiple private credit vehicles. To learn more, visit https://www.atlascreditpartners.com, or follow the company on LinkedIn. 

About AST SpaceMobile
AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today's five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, Twitter, LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.

Press Inquiries: 
Erika Siemasko
JMG Public Relations
212-206-1645
Erika@jmgpr.com

View original content:https://www.prnewswire.com/news-releases/atlas-credit-partners-provides-100-million-strategic-financing-to-ast-spacemobile-301901113.html

SOURCE Atlas Credit Partners

FAQ

What is the purpose of the $100 million strategic financing received by AST SpaceMobile, Inc. from Atlas Credit Partners?

The purpose of the financing is to support the development of a globally connected satellite-based cellular broadband network accessible by standard mobile phones, as well as to achieve AST's next commercial milestones including satellite implementation and integration.

Who are some of the industry leaders that AST SpaceMobile, Inc. has partnerships with?

AST has partnerships with telecom industry leaders such as AT&T, Vodafone, and American Tower.

What is the existing capital base of AST SpaceMobile, Inc.?

AST's existing capital base is approximately $800 million invested to date.