424B3

AST SpaceMobile completed a business combination with a SPAC in April 2021 and raised $230 million through a private placement, positioning itself to develop a constellation of LEO satellites designed to provide direct cellular broadband to standard mobile phones. The company is assembling its BlueWalker 3 test satellite with approximately $82.7 million in capitalized costs as of March 31, 2022, targeting a summer 2022 launch, while planning commercial BlueBird satellite launches starting in Q2 2023 with full global coverage expected by end of 2024. Despite generating only $2.4 million in revenue during Q1 2022, the company is experiencing significant cash burn of approximately $47.5 million in operating activities and has warrant liabilities valued at $63.5 million that fluctuate with stock price movements, leaving it dependent on future capital raises and successful satellite deployment to achieve its commercialization timeline.