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AST SpaceMobile is raising $65 million through the sale of 12 million shares of Class A Common Stock at $6.73 per share, with underwriter Barclays as the sole book-running manager and an option to purchase an additional 1.8 million shares within 30 days. As of June 26, 2023, the company had approximately $141 million in cash and expects to have $200-205 million post-offering, which it plans to use for general corporate purposes including launch services, while currently burning roughly $40 million per quarter in adjusted operating expenses plus $15-25 million quarterly in capital expenditures excluding launches. The company is developing a space-based cellular broadband network using low-earth orbit satellites designed to work with standard unmodified smartphones, with its BlueWalker 3 test satellite having successfully demonstrated 4G speeds above 10 Mbps and two-way voice calls to unmodified smartphones in preliminary tests completed as of June 2023.