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AST SpaceMobile (ASTS) announced an agreement for long-term access to up to 45 MHz of lower mid-band spectrum in the United States for direct-to-device satellite applications. This agreement, when consummated, will add additional capabilities to AST SpaceMobile’s technology and space-based network, based on the largest-ever communications arrays deployed in low Earth orbit, …The Transaction is subject to the entry into definitive documentation, which is expected to occur during the first half of 2025. Upon execution of definitive documentation, Ligado will receive approximately 4.7M penny warrants convertible into AST SpaceMobile Class A shares, subject to a 12-month lock-up. Upon closing of the Transaction, which will be subject to receipt of satisfactory regulatory approvals required for the proposed use of the spectrum, and other closing conditions, Ligado will receive additional consideration of approximately $550M …Upon closing of the Transaction, AST SpaceMobile would further pay approximately $80 million annually for spectrum usage rights and provide Ligado with long-term net revenue sharing rights. The closing of the Transaction will be subject to satisfactory conclusion of Ligado’s restructuring. UBS Securities LLC is acting as exclusive financial advisor to AST SpaceMobile and Freshfields and Sullivan & Cromwell are acting as legal counsel to AST SpaceMobile.
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