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AST SpaceMobile raised $65 million through a public offering of Class A Common Stock in November 2022, with an option for underwriters to purchase an additional $9.75 million to cover overallotments. The company is developing a satellite-based cellular broadband network designed to provide mobile connectivity directly to standard smartphones globally, with plans to launch five commercial satellites in late 2023 and generate revenue from limited service offerings, though significant capital will be required before any revenue is realized and the company has yet to generate meaningful commercial revenues.