Bankruptcy: AST SpaceMobile, Inc.

Form Type: 8-K

Filing Date: 2025-06-26

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000164117225016581

Filing Summary: On June 23, 2025, the U.S. Bankruptcy Court for the District of Delaware approved a significant transaction between AST SpaceMobile, Inc. and Ligado Networks LLC, granting the company long-term access to up to 45 MHz of lower mid-band spectrum for satellite applications in the U.S. and Canada. This follows a Strategic Collaboration Term Sheet signed on January 5, 2025, wherein AST, LLC and Ligado Networks commenced a strategic partnership amidst Ligado's Chapter 11 bankruptcy proceedings. The agreement aims to expand the company's technological capabilities, incorporating the largest-ever communications arrays in low Earth orbit. The company will pay Ligado consideration of approximately $550 million and will issue about 4.7 million penny warrants for shares of its Class A common stock, subject to regulatory approvals and closing conditions. Additional funds are allocated for spectrum usage rights under further agreements and a Settlement Term Sheet dated June 13, 2025, involving Inmarsat, providing long-term spectrum access and supporting the company's regulatory applications. The transaction’s success is contingent on several conditions, including closing regulatory approvals, and carries substantial financial commitments and risks associated with Ligado’s ongoing bankruptcy. The Bankruptcy Court's approval marks a pivotal step for AST SpaceMobile in advancing its spectrum access strategy.

Form Type: 8-K

Filing Date: 2025-03-24

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000164117225000330

Filing Summary: AST SpaceMobile, Inc. announced on March 22, 2025, the execution of multiple agreements as part of a strategic collaboration with Ligado Networks LLC. This partnership aims to grant AST long-term access to up to 45 MHz of lower mid-band spectrum for satellite applications, enhancing its technology and network capabilities. The agreements, which include a Framework Agreement, Strategic Collaboration Agreement, Usage Rights Agreement, and Governance Side Letter, are contingent upon approval from the Bankruptcy Court, where Ligado has filed for Chapter 11 bankruptcy. Financial commitments include at least $80 million in annual payments for spectrum usage and potentially $350 million in cash under the Framework Agreement. The issuance of approximately 4.7 million warrants was also part of this transaction, allowing holders to purchase shares of AST's Class A common stock.

Form Type: 8-K

Filing Date: 2025-01-07

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000149315225001119

Filing Summary: On January 5, 2025, AST SpaceMobile, Inc.'s subsidiary, AST & Science, LLC, entered into a Strategic Collaboration Term Sheet with Ligado Networks LLC to gain long-term access to 45 MHz of lower mid-band spectrum for direct-to-device satellite applications. This agreement supports the restructuring of Ligado Networks, which filed for Chapter 11 bankruptcy protection on the same day. The Strategic Collaboration includes AST promising various forms of compensation to Ligado, including warrants and cash or stock options. AST is also set to receive a significant financing commitment of $550 million to facilitate this deal. In addition, the Restructuring Support Agreement was signed by Ligado and AST, outlining terms to negotiate the Definitive Agreements needed for this collaboration while establishing conditions against alternative transactions during the restructuring process. The agreement emphasizes AST's role in promoting Ligado's restructuring efforts and the dependency of the planned transactions on Bankruptcy Court approval.