AST SpaceMobile and Maritime Launch Services Boost Capital with Stock Offerings

AST SpaceMobile and Maritime Launch Services Boost Capital with Stock Offerings
by Staff Writers
Midland TX (SPX) Jun 28, 2023

In a week of significant fundraising for space companies, AST SpaceMobile, Inc. and Maritime Launch Services Inc. have separately announced capital raising ventures.

AST SpaceMobile, Inc. (NASDAQ: ASTS) disclosed the pricing and upsizing of its previously announced public offering of Class A common stock, par value $0.0001 per share. The company plans to sell 12,500,000 shares of Class A common stock, generating gross proceeds of about $59.4 million. The raised funds will be employed for various corporate purposes, including anticipated cash payments related to launch services and related additional equipment and services in Q3 2023.

ASTS has stated that the underwriter will offer the shares of Class A common stock from time to time for sale in one or more transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The offering is anticipated to close on June 30, 2023, depending on customary closing conditions.

Meanwhile, Canadian-owned commercial space company, Maritime Launch Services Inc. (NEO: MAXQ, OTCQB: MAXQF) issued an aggregate of 2,875,000 common shares on May 5, 2023, at an issue price of $0.16 per share to several of its arm's-length service providers in exchange for previously rendered services.

A significant chunk of the service payment went to Lindsay Construction Limited, the construction management contractor for Spaceport Nova Scotia. Maritime Launch issued 2,031,250 common shares to Lindsay, which were subject to a 4-month plus 1-day hold period. These shares amounted to less than 1% of the common shares issued and outstanding on the issuance date.

Cory Bell, President and CEO of Lindsay Construction, expressed his firm's commitment to the project, stating, "As construction manager, Lindsay Construction is proud to play a key role in supporting the advancement of Spaceport Nova Scotia, the first commercial orbital launch complex in Canada."

Maritime Launch is actively developing Spaceport Nova Scotia, a launch site projected to provide satellite delivery services to clients in the ever-expanding commercial space transportation industry. Once completed, Spaceport Nova Scotia will serve a diverse range of clients, supporting global broadband, near-earth imaging, and other science-related activities, marking it as the first commercial orbital launch complex in Canada.

The capital raising ventures from both AST SpaceMobile and Maritime Launch underscore the growing demand for capital in the commercial space industry.