"This new partnership with Verizon will enable AST SpaceMobile to target 100% coverage of the continental United States on premium 850 MHz spectrum with two major U.S. mobile operators in the most valuable wireless market in the world, a transformational commercial milestone," said Abel Avellan, Founder, Chairman, and CEO of AST SpaceMobile. "This partnership will enhance cellular connectivity in the United States, essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity."

"Verizon has always been strategic and efficient with our spectrum strategy. We use the spectrum entrusted to us to deliver outstanding cellular service for our customers through our terrestrial network. By entering into this agreement with AST, we will now be able to use our spectrum in conjunction with AST's satellite network to provide essential connectivity in remote corners of the U.S. where cellular signals are unreachable through traditional land-based infrastructure," said Srini Kalapala, Senior Vice President of Technology and Product Development at Verizon.

The combination of Verizon's terrestrial mobile network, the multi-operator 850 MHz band, and the largest and most powerful commercial communications arrays ever deployed in low Earth orbit, is planned to enable cellular consumers to stay connected anywhere in the continental United States. The $100 million Verizon commitment includes $65 million in commercial prepayments, $45 million of which are subject to certain conditions, and $35 million of convertible notes.

AST SpaceMobile has agreements with more than 45 mobile network operators globally, serving over 2.8 billion subscribers. The company produces its satellite technology in Midland, Texas, with manufacturing and testing facilities spanning 185,000 square feet.

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