Verizon US$100m investment and prepayment commitment in AST SpaceMobile
Verizon joined AT&T, Google and Vodafone as a convertible noteholder and committed prepayments for AST's direct-to-device service.
- Company
- AST SpaceMobile
- Type
- Strategic investment
- Status
- Completed
- Date
- 23 May 2024
- Value
- US$100m
- Value basis
- US$35m subordinated convertible note plus US$65m of prepaid service revenue (US$20m initial; US$45m subject to regulatory approvals and a definitive agreement)
- Region
- US
- Segment
- Satellite operators
Parties
- AST SpaceMobile issuer
- Verizon investor
Key terms
- Convertible note
- US$35m on the January 2024 terms, issued 28 May 2024
- Commercial prepayments
- US$20m initial and US$45m conditional, creditable against future service revenue
Sources
- AST SpaceMobile 8-K: Verizon convertible note and memorandum of understanding sec.gov · 29 May 2024
Record ORB-INV-2024-0023. Investments are kept apart from the financings register and never counted in debt totals.
