By Will Feuer

AST SpaceMobile, a startup building a space-based cellular network, said it has received a $155 million investment from AT&T, Google and existing investor Vodafone.

The company had previously said it was closing in on a strategic investment.

AST SpaceMobile said it also plans to draw up to $51.5 million from the company's existing senior-secured credit facility, giving it total new financing of $206.5 million.

AT&T has for years worked with AST SpaceMobile in a bid to develop so-called direct-to-device capabilities, whereby satellites beam service directly to unmodified cellphones. SpaceX is working on a similar project with T-Mobiles. Others, including Apple with Globalstar, are also pursuing similar plans.

AT&T's decision to take a stake in AST SpaceMobile deepens the two companies' ties. The move also provides a potential lifeline to an important AT&T partner.

AST said the investment is a mix of equity-linked capital and non-dilutive commercial payments.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 18, 2024 16:45 ET (21:45 GMT)

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