What AST SpaceMobile, Inc. told the SEC could break it.

AST SpaceMobile is largely pre-revenue (SpaceMobile Service not yet launched) and has substantial capital needs to build/launch its constellation, relying on convertible notes and equity raises whose dilution may be substantial.

“Given the substantial capital needs of our business and business plans, any such dilution may be substantial.”

AST's network depends on securing spectrum (Ligado mid-band usage rights, S-band ITU priority rights) and obtaining regulatory approvals; the Ligado spectrum transaction remains subject to regulatory approval and other conditions.

“Subject to the completion of certain conditions, including regulatory approval, as a result of the transaction with Ligado, we expect our network will be enhanced by our long-term access to up to 45 MHz of the lower mid-band satellite spectrum in the United States and Canada through our usage agreements.”

Some components, subsystems and services needed to assemble AST's BB satellites come from a sole-source or limited group of suppliers; AST is qualifying new suppliers and increasing vertical integration (it owns IP for ~95% of Block 2 subsystems) to reduce single-supplier dependency.

“Some components, subsystems and services necessary for the assembly of our satellites are currently obtained from a sole source supplier or a limited group of suppliers. We continue to evaluate and qualify new suppliers to mitigate our risk of dependency on sole source suppliers and increase the capacity and availability of components.”