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Space SPAC stock AST SpaceMobile begins trading on the Nasdaq

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An illustration of the SpaceMobile satellite constellation.

AST SpaceMobile

Shares of satellite-to-smartphone broadband company AST SpaceMobile began trading on the Nasdaq on Wednesday, with the company the first among a flurry of recent space companies to close its SPAC deal.

AST SpaceMobile trades under the ticker ASTS, with shares previously listed under the SPAC New Providence before the merger.

A SPAC—or special purpose acquisition company—is a shell company that’s designed to raise money through an initial public offering for the purpose of acquiring a private firm and taking it public.

The stock climbed as much as 5% in early trading on Wednesday, up from its previous close of…



Source cnbc.com

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