AST SpaceMobile (NASDAQ: ASTS) made its Nasdaq debut on Wednesday. The company went public via special purpose aquisition company (SPAC) New Providence Acquisition Corp (NASDAQ: NPA) with an estimated post-transaction enterprise value of $1.4 billion.
AST SpaceMobile uses satellites in space to deliver broadband to smartphones. The company describes itself as the first space-based cellular broadband network.
CEO Abel Avellan was on CNBC’s “Squawk On The Street” Wednesday discussing what makes the company different.
“We don’t require any special hardware or software. All you need is your phone,” he said.
“This is a long-term opportunity with a very large addressable market,” Avellan added. “We are in discussion with all of the primary launch providers.”
The company designed its satellites to be multi-launch and multi-provider satellites. “We will be disclosing our next partners soon,” Avellan said.
The Competition: Avellan didn’t see other companies like Starlink as a competitor.
“This is a cellular system. All the other systems are more equivalent to a wi-fi system similar to what you get at home,” Avellan said. “Our system is a cellular plan that works everywhere on the planet.”
Price Action: AST SpaceMobile was up over 5% to $12.47 early in the session. The stock was trading at $11.84 at last check Wednesday.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.