ASTS stock jumps premarket: Midland approves factory nearly 5x larger than AST SpaceMobile’s original plant
AST SpaceMobile (ASTS) stock rose 3% premarket after Midland officials approved a $66 million incentive deal for a new satellite manufacturing facility nearly five times larger than its original plant. The expansion targets 1,800 jobs and significant tax revenue. Concurrently, the company completed a $1 billion convertible notes offering, raising approximately $983.6 million in net proceeds to fund growth and launch capacity.
The Midland Development Corporation approved a performance-based incentive package worth up to $66 million over 30 years.