AST SpaceMobile brings Chris Sambar to the board and prepares for satellite launch

AST SpaceMobile, Inc (NASDAQ:ASTS), the company developing the first space-based broadband mobile network accessed directly from smartphones, announced the appointment of Chris Sambar to its Board of Directors, effective June 20.

Sambar, head of the network at AT&T Inc (NYSE:T), succeeds Alex Coleman, chief executive officer of New Providence Acquisition Corp. The stock saw some pullback on Monday following a sell-off on Friday.

Sambar’s addition to the board comes at a pivotal time for AST SpaceMobile as the company prepares to launch its first commercial satellites into low Earth orbit from Cape Canaveral this summer.

Sambar has more than twenty years of experience in AT&T (NYSE:T).

In his new role, Sambar will also serve on AST SpaceMobile’s Network Planning and Spectrum Committee and oversee network planning, capabilities and capacity for the AST constellation.

In early June, the company’s selling shareholders sold 10.45 million shares.

AST SpaceMobile has more than 3,300 patents and patent-pending claims for its technology and operates 180,000 square feet of state-of-the-art manufacturing and test facilities in Midland, Texas.

The company has secured strategic investments from major companies such as AT&T, Verizon Communications Inc (NYSE:VZ), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and Vodafone Group Plc (NASDAQ:VOD) and has entered into a contract with the U.S. government through a prime contractor.

AST SpaceMobile shares have gained 56% in the last 12 months. Investors can participate in the stock via iShares Russell 2000 ETF (NYSE:IWM) and iShares Russell 2000 Growth ETF (NYSE: IWO).

Price promotion: AST SpaceMobile shares fell 0.10% to $10.07 at last check on Monday.

Disclaimer: This content was created in part using AI tools and reviewed and published by Benzinga editors.

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This article AST SpaceMobile adds Chris Sambar to board as it prepares for satellite launch originally appeared on Benzinga.com

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