AST SpaceMobile Stock Is Soaring Today: Here's Why

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AST SpaceMobile Inc ASTS shares are trading higher Tuesday after the company announced that its test satellite has arrived at the launch location for its upcoming planned launch.

AST SpaceMobile said its BlueWalker 3 test satellite arrived at Cape Canaveral after departing from an off-site testing facility where it collected flight data for its upcoming launch to low Earth orbit, which is expected to take place in early to mid-September.

Once in low Earth orbit, AST SpaceMobile plans to conduct BlueWalker 3 direct-to-cell phone testing on every inhabited continent in coordination with mobile network operators.

"We want our efforts to significantly increase the availability of cellular broadband globally by providing a space-based network to existing, unmodified mobile phones. The delivery of BlueWalker 3 to Cape Canaveral represents another milestone in our efforts to reach this goal," said Scott Wisniewski, chief strategy officer of AST SpaceMobile.

AST SpaceMobile is building a global cellular broadband network in space to operate directly with mobile devices. The company intends to launch a low Earth orbit constellation of BlueBirds that would provide cellular broadband from space across the globe.

See Also: Why Texas Instruments Shares Are Diving Lower Tuesday

ASTS Price Action: AST SpaceMobile has traded between $11.48 and $4.84 over a 52-week period.

The stock was up 11.5% at $8.42 at press time, according to Benzinga Pro.

Photo: LoganArt from Pixabay.

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