AST SpaceMobile Shares Rise After FCC Grants Space License

By Dean Seal

Shares of AST SpaceMobile rose after federal regulators granted the company a license for space-based operations.

The stock was up 7.7% at $19.93 in midday trading. The share price has more than tripled since the start of the year.

The company, which is developing a space-based cellular network, said Monday that the U.S. Federal Communications Commission has granted an initial license that paves the way for the network to provide broadband services for everyday smartphones in the U.S.

The company is now authorized to launch and operate three different frequencies that will support gateway, feeder link and telemetry, tracking, and control operations for its first five commercial satellites.

"This regulatory milestone is a significant step to targeting 100% nationwide coverage from space of the continental United States on premium cellular spectrum," President Scott Wisniewski said.

The first five commercial satellites, called BlueBirds, are now ready for shipment to Cape Canaveral this week, with a seven-day launch window set for September.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

August 05, 2024 12:35 ET (16:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.