AST SpaceMobile (NASDAQ:ASTS) stock is getting a boost on Wednesday after the space-based cellular broadband network company provided investors with a fundraising update.
According to a press release from the company, its previously announced fundraising efforts are going well. That includes its plan to close the prior-announced fundraising plans with multiple parties this month.
To go along with that, AST SpaceMobile notes that it has also secured ground infrastructure orders from two customers. This will cover the commercial service of its space-based cellular broadband network.
Investors will keep in mind that AST SpaceMobile’s space-based cellular broadband network has a unique draw to it. The company is looking to set up the first such network that can connect to normal smartphones without modifications. It’s able to do so through a collection of intellectual properties and patents that make up its portfolio.
How This Affects ASTS Stock Today
With this announcement from AST SpaceMobile comes a decent amount of trading on Wednesday. As of this writing, nearly 1 million shares have traded hands. That’s roughly half of the company’s daily average trading volume of about 2 million shares.
With more funding, AST SpaceMobile should be able to get closer to launching its space-based cellular broadband network. If it can do so, it would likely be a massive win for investors in the company.
AST stock is up 2.6% as of Wednesday morning.
Traders who are looking for more of the most recent stock market stories today are in luck!
We have breakdowns of all the biggest stock market stories worth reading about on Wednesday! A few examples of that include what’s going on with shares of VinFast (NASDAQ:VFS) stock, why stocks are down today and a warning for SoFi (NASDAQ:SOFI) investors. You can find out more on these matters at the following links!
More Stock Market News for Wednesday
- VFS Stock: VinFast Pops on Plans to Open Indian Plant
- Why Are Stocks Down Today?
- KBW Just Issued a Warning on SoFi (SOFI) Stock
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
