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AST SpaceMobile entered into a $75 million committed equity financing agreement with B. Riley Principal Capital on May 6, 2022, giving the company the right to sell up to 10 million shares at volume-weighted average prices with a fixed 3% discount, allowing AST to raise capital for its satellite broadband network while B. Riley can resell the shares it purchases. The company, which has not yet generated revenue, is developing a constellation of 168 low-earth-orbit satellites designed to provide mobile broadband connectivity to standard phones globally, targeting to launch commercial satellites beginning in 2023 with substantial coverage by end of 2024 and full capabilities by 2025.