Benzinga - by Anusuya Lahiri, Benzinga Editor.
AST SpaceMobile, Inc (NASDAQ:ASTS), the company developing the first space-based cellular broadband network accessible directly by smartphones, has announced the appointment of Chris Sambar to its Board of Directors, effective June 20.
Sambar, who is the Head of Network at AT&T Inc (NYSE:T), succeeds Alex Coleman, Chairman at New Providence Acquisition Corp. The stock saw some redemption Monday after a selloff Friday.
The addition of Sambar to the Board comes at a crucial time for AST SpaceMobile as the company prepares to launch its first commercial satellites into low Earth orbit from Cape Canaveral this summer.
Sambar has over two decades of experience at AT&T (NYSE:T).
In his new role, Sambar will also serve on AST SpaceMobile's Network Planning and Spectrum Committee, overseeing network planning, features, and capacity for the AST constellation.
Earlier in June the company’s selling shareholders offloaded 10.45 million shares.
AST SpaceMobile holds over 3,300 patent and patent-pending claims for its technology and operates advanced manufacturing and testing facilities in Midland, Texas, covering 185,000 square feet.
The company has secured strategic investments from major players such as AT&T, Verizon Communications Inc (NYSE:VZ), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and Vodafone Group Plc (NASDAQ:VOD), and has a contract award with the U.S. Government through a prime contractor.
AST SpaceMobile stock gained 56% in the last 12 months. Investors can gain exposure to the stock via iShares Russell 2000 ETF (NYSE:IWM) and iShares Russell 2000 Growth ETF (NYSE:IWO).
Price Action: AST SpaceMobile shares were down 0.10% at $10.07 at the last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.