AST SpaceMobile appoints new directors to its board

AST SpaceMobile, Inc. (NASDAQ:ASTS), a $4.05 billion market cap company specializing in communication services, announced significant changes to its Board of Directors. The company’s stock has shown remarkable performance, delivering a 612% return over the past year, though InvestingPro data indicates significant price volatility.

On January 29, 2025, Christopher Sambar resigned from his position as AT&T’s designee on the board, effective immediately. His departure was not due to any disputes or disagreements with the company’s operations or policies.

Following Sambar’s resignation, AT&T nominated Keith Larson, who was appointed to the board effective January 30, 2025. Larson, 66, brings a wealth of experience to AST SpaceMobile, having previously served as a Vice President of Intel Corporation (NASDAQ:INTC) and Senior Managing Director of Intel Capital until his retirement in April 2019. Currently, Larson is a consultant for AT&T, a director of Northwest Pipe Company (NASDAQ:NWPX), and a Venture Partner of QBIT. Notably, Larson has declined any cash or equity compensation for his service on AST SpaceMobile’s board.

In addition to Larson’s appointment, the Board also appointed Andrew Johnson, effective January 30, 2025, to fill an existing vacancy. Johnson, 50, has been with the company since June 2024 as Chief Financial Officer and since May 2024 as Chief Legal Officer. His extensive background includes a tenure at 3D Systems Corporation (NYSE:DDD), where he served in various senior management roles, including as Interim President and Chief Executive Officer.

Both appointments are part of the company’s governance structure as outlined in the Amended & Restated Stockholders’ Agreement dated June 5, 2024. The company will enter into its standard form of indemnification agreement with Larson, similar to the one filed with the SEC on April 12, 2021.

AST SpaceMobile’s latest SEC filing, which includes these announcements, underscores the company’s commitment to strong leadership and governance as it continues to navigate the communication services industry. Analysts maintain a strong bullish stance on the stock, with price targets ranging from $15 to $53.

For deeper insights into ASTS’s valuation and growth prospects, InvestingPro subscribers can access 12 additional exclusive tips and comprehensive financial analysis through the Pro Research Report. The information presented is based on the company’s press release statement.

In other recent news, AST SpaceMobile, a space-based cellular broadband network provider, has been in the spotlight with several significant developments.

The company has set May 15, 2025, for its Annual Meeting of Stockholders, with a new deadline for shareholder proposals and director nominations set for February 14, 2025. In addition, AST SpaceMobile has secured Special Temporary Authority (STA) from the Federal Communications Commission ( FCC (BME:FCC)) to test its service in the United States, a development that enables the company to commence testing its BlueBird satellites’ capability to provide cellular broadband service directly to unmodified smartphones.

In 2024, AST SpaceMobile secured strategic investments from industry players like AT&T, Verizon (NYSE:VZ), Google (NASDAQ:GOOGL), and Vodafone (NASDAQ:VOD), and won contract awards from the U.S. Government. However, the company’s shares experienced a decrease following a proposed private offering of $400.0 million in convertible senior notes due 2032. Scotiabank (TSX:BNS) analyst Andres Coello adjusted the price target on AST SpaceMobile to $40.20 from the previous $44.70, maintaining a Sector Outperform rating on the stock, despite the complexities faced by the company.

AST SpaceMobile also entered into an agreement with Ligado Networks LLC, securing long-term access to valuable mid-band spectrum in the United States. This agreement is subject to Bankruptcy Court approval and Ligado’s successful restructuring.

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