Why AST SpaceMobile Stock Just Jumped 5%
ASTSAST SpaceMobile(ASTS) The Motley Fool·2024-09-04 23:12

AST SpaceMobile confirms: We have all the cash we need... for now.In a column this morning, I argued AST SpaceMobile (ASTS 14.59%), the former space special purpose acquisition company (SPAC) that now aims to build a constellation of 168 communications satellites costing at least 3billion,shouldsellalotofstockquickly,toraisethecashitneeds.AcoupleofhourslatercameASTsresponse:"Nothanks.Weregood."Iparaphrase,butthatswhatASTsannouncementboilsdownto.With3 billion, should sell a lot of stock quickly, to raise the cash it needs.A couple of hours later came AST's response: "No thanks. We're good." I paraphrase, but that's what AST's announcement boils down to. With 440 million in p ...