Latest / AST SpaceMobile Podcast / Anpanman - Post Convert Offering and Other Stuff Discussion

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Anpanman - Post Convert Offering and Other Stuff Discussion · AST SpaceMobile Podcast

• 0:06
  This is the AST Space Mobile podcast.
• 0:10
  Where we just basically come your phone be seamless
• 0:14
  regardless of where you are. We don't want the user even to
• 0:16
  know that it's connected by satellite.
• 0:21
  Listen, the opportunity that we have is very, very, very large.
• 0:28
  Hey everyone, thanks for going in.
• 0:30
  I figured I'd host his face after this converval note
• 0:34
  offering. I know people have some
• 0:37
  questions and they're wondering, you know, why the company raised
• 0:41
  this this amount of capital so quickly.
• 0:43
  And so we just wanted to share some thoughts about it and also
• 0:47
  talk about a few other things that have been happening,
• 0:50
  different news. And and yeah, just some review
• 0:55
  some expectations for the coming weeks and months, which I think
• 0:59
  as I've mentioned before, we've got a really bullish set up any
• 1:03
  into end of year just giving all the catalysts that are coming
• 1:05
  out. But first and foremost let's
• 1:07
  talk about the convert. You know, the company upsized
• 1:11
  what was originally an $850 million convert to a billion
• 1:14
  dollars and with the over allotment auction which the
• 1:18
  banks can exercise that would add another $150 million.
• 1:22
  So $1.15 billion convert offering, which is crazy to
• 1:27
  think about. If you go back to May of 2024
• 1:35
  now the company has about 2.65 billion of pro forma and cash
• 1:40
  for as of September 30th. That's essentially 3 to 4 market
• 1:44
  caps of where I used to used to be a little over a a year and a
• 1:48
  half ago or under a year and a half ago, which is it's kind of
• 1:51
  crazy to fathom. But obviously, you know, the
• 1:54
  company's made a ton of progress since then and that's why the
• 1:57
  market is, is valuing it at its current market cap.
• 2:01
  Just, you know, that the, the company enormous opportunities
• 2:06
  in front of it. The market is discounting for
• 2:08
  it. And so since May, obviously, you
• 2:11
  know, we've launched 5 block 5 of the block 1 Bluebirds.
• 2:14
  We've signed Verizon. We've yeah, I mean, there's
• 2:18
  actually, I won't just, I won't go into the list.
• 2:20
  There's just too many things to cover.
• 2:21
  But but yeah, it's yesterday. I'm sorry.
• 2:25
  This past week you know they they priced the billion dollar
• 2:27
  convertible and and now we've got $2.6 billion of performing
• 2:32
  cash, which is pretty crazy. The company did change its
• 2:36
  language and in terms of the corporate uses for this money.
• 2:41
  And so I think as we've you know highlighted on Twitter
• 2:46
  specifically they talked about adding incremental strategic
• 2:49
  markets. And so I think one way to read
• 2:52
  that is they are going to go for the full 90 that like
• 2:58
  consolation, so not just 45 to 60, which gives them coverage of
• 3:03
  the primary markets, but then going for 90, which gives them
• 3:06
  full global coverage. That would be one way to
• 3:09
  interpret that language, another way to interpret the languages.
• 3:13
  And I assume part of the this funding is going to go towards
• 3:15
  some of the military awards that are upcoming, which I think the
• 3:20
  company is going to get. And so, so yeah, it was a, it
• 3:23
  was AI think if you were to talk with the company, I don't think
• 3:27
  they really expected to have an ATM, you know, and then this
• 3:34
  convert, maybe a month ago, they wouldn't have said, hey, yeah,
• 3:38
  we're going to put an ATM in place and raise over a billion
• 3:41
  dollars in a convert. But then I think just given the
• 3:44
  amount of opportunities that they currently have in front of
• 3:46
  them, they, they thought it was a good time to raise, raise
• 3:49
  money. And so to me, that's quite
• 3:52
  bullish. I think the company has
• 3:54
  demonstrated that when they raise capital, it's for a good
• 3:57
  purpose. I mean, even going back to the
• 4:00
  brutal $100 million raise back in January of 2024, that was to
• 4:05
  bridge them along with the investment, strategic investment
• 4:08
  from AT&T, Google, Vodafone, that was to bridge them to get
• 4:13
  to a dip. The announced partnership to
• 4:15
  Verizon, which then obviously, you know, we rated the stock
• 4:18
  from what was single digits at the time when they signed the
• 4:22
  commercial defender agreement with AT and TI got them too.
• 4:25
  I think it was like 5 or $6. And then Verizon signed that
• 4:29
  partnership where Verizon contributed their spectrum and
• 4:33
  was working, decided to work closely with AT&T to roll out
• 4:36
  the service. That's what we rated the stock
• 4:39
  to all the way as high as, you know, 39 that summer.
• 4:42
  And you know, it's been since that it's been just gangbusters.
• 4:47
  But anyway, in regards to this convertible, I know there's been
• 4:50
  some questions about what this instrument means.
• 4:53
  And interestingly, you know, so just going through the terms,
• 4:58
  the conversion premium was 22 1/2%.
• 5:00
  So the convertible bond can go from a debt instrument into
• 5:05
  equity at $96.30 or higher, you know, in case an investor
• 5:11
  chooses to convert it. And this instrument
• 5:13
  interestingly has a 10 year maturity.
• 5:16
  And so typically when you see convertible debt deals, they
• 5:21
  usually have a five to seven-year maturity.
• 5:23
  I don't think I've ever seen one with 10 years.
• 5:25
  And so I think that's a testament to how credit
• 5:30
  investors see the company and its prospects that they're
• 5:32
  willing to basically lend 10 year paper to the company.
• 5:36
  And so the let's see, going back to the terms though, as I
• 5:42
  mentioned before, 22 1/2% conversion premium.
• 5:44
  And then I think the coupon, I think it was like 2 and a
• 5:48
  quarter. I have to go back and and look
• 5:51
  on that. But yeah, very low interest
• 5:53
  rate. And obviously a decent amount of
• 5:56
  the convertible investors who take the paper are arbitragers.
• 6:00
  And So what they'll do is they'll buy to convert and then
• 6:03
  the convert has an underlying delta related to the embedded
• 6:06
  warrant that's in the in the bond.
• 6:08
  And so they'll short stock against it to get henched.
• 6:11
  And what they'll do is they'll monetize volatile use over time,
• 6:15
  they'll, they'll trade deltas. So, you know, as the stock goes
• 6:18
  up, they'll short stock, it's stock goes down, they'll buy
• 6:21
  back stock. And in essence, they're they're
• 6:23
  monetizing volatility, which is why convertible bond increments
• 6:27
  are interesting for companies with high, high level volatility
• 6:30
  because you can get essentially, you know, lower interest rate
• 6:35
  debt at it and a higher conversion premium, you know,
• 6:40
  lower dilution from investors who are interested in in having
• 6:45
  that type of feature where there is, you know, the underlying
• 6:48
  warrant and they can monetize that over time.
• 6:50
  But anyway, but yeah, from what I understand, I mean, obviously
• 6:54
  the deal was upside from 8:50 to a billion.
• 6:57
  And so there was a lot of demand there.
• 7:00
  There was long only demand meeting fundamental investors
• 7:04
  who actually like the credit and the fundamental story and they
• 7:07
  just want to own the bond out, right.
• 7:08
  And then of course you've got the commodity arbitragers who
• 7:12
  yesterday, you know, they, they probably hedged some decent
• 7:15
  portion of the of their alignment and they're probably
• 7:17
  doing so to an extent today. And so you're going to see some
• 7:21
  period of you know, digestion from hedging for the next, you
• 7:25
  know, call it handful days, maybe 3 days.
• 7:29
  But I think it's interesting to note that the company has kind
• 7:33
  of changed their approach to these fundraising events.
• 7:37
  And so I think, you know, traditionally companies,
• 7:41
  especially you see this in biotech where the companies will
• 7:44
  announce a positive, you know, Phase 1 result or Phase 2 result
• 7:48
  or, or they might, you know, they might get some type of
• 7:51
  approvals and then they'll raise off the back of that.
• 7:54
  You know, the stock will go up and then and then they'll,
• 7:57
  they'll go out with the market offering price at some discount
• 8:00
  to where the stock was trading and then and then go from there.
• 8:05
  But I think in the company's history, they've started to
• 8:08
  realize that it's best to raise capital and then have positive
• 8:13
  events come after it. And so, you know, a key example
• 8:16
  that was when they put in the $800 million ATMI think it was
• 8:21
  at the beginning was at October 7th or so.
• 8:24
  They put that in place and you know, obviously the market kind
• 8:27
  of Pooh poohed on that to a degree was down just a few
• 8:29
  percent, which I think, you know, going back in history, the
• 8:34
  company typically has been somewhat punished for those
• 8:36
  things. But then as a company is
• 8:38
  executed and we've reached this level of maturity, we're about
• 8:41
  to roll out commercial service. I think now the, you know,
• 8:45
  investors view the company is being goods to root capital.
• 8:48
  And that's, you know, we're we're along the cusp of
• 8:51
  operationalization and and the capital be used, you know, in a,
• 8:58
  in a creative way, right. So Fast forward, you know, to
• 9:02
  the ATM back on October 7th, you know, the stock traded down.
• 9:06
  But then lo and behold, I mean the, the company knew this for
• 9:08
  quite some time, obviously, but they announced the next day the
• 9:12
  definitive commercial agreement, Verizon, which then causes stock
• 9:15
  to go up to a degree. And then after that, you know,
• 9:18
  then we kind of went on this, this run to 100, which is kind
• 9:21
  of kind of nuts. And so I think the company
• 9:25
  understands that and has a number of positive catalysts
• 9:30
  that are lined up. I don't know when they're going
• 9:32
  to drop and I don't know exactly what those capitals are, but I
• 9:35
  can, I think we can all kind of guess at what is in the realm of
• 9:39
  possibility. Whether you know, Bell Canada
• 9:42
  definitive correctional agreements in place.
• 9:45
  It could be, you know, some of these military awards.
• 9:50
  We got 8 so far and and Golden Dome.
• 9:53
  If we get that, I'll be the 9th. Given the shut down government,
• 9:56
  I don't think we're going to hear about military awards yet,
• 10:00
  but as soon as the lights are turned back on, those are
• 10:03
  probably going to be or we're probably going to start getting
• 10:06
  news around those. But yeah, there's a whole host
• 10:09
  of other potential events that could drop anytime.
• 10:14
  And so I think the company is very aware of that dynamic.
• 10:19
  And you know, that's why I posted the other day like I'm
• 10:23
  really bullish about this capital raise because it's
• 10:26
  really in my opinion is to accelerate the business to pull
• 10:28
  forward and production and launch of the constellation.
• 10:32
  And and there's also like some commercial implications of that,
• 10:37
  right? So one of the if you think about
• 10:40
  sequencing, one of the things about this consolation and
• 10:43
  rolling out Commercial Services that you're not going to just do
• 10:45
  it. You know, you're not going to go
• 10:48
  open up service in 10 countries all at once or 10 M and OS all
• 10:52
  at once. You're going to do it in a phase
• 10:53
  process. And what the company has talked
• 10:55
  about in the past is that for the carriers that are willing to
• 10:59
  put money up front, which is commercial prepayment,
• 11:02
  potentially some investment, which I think at this point
• 11:05
  candidly I don't need, the company needs strategic
• 11:07
  investment from M and OS at this point.
• 11:11
  I think they are looking and and this is part of the reason why
• 11:14
  you raise a large quantum of capital because the company
• 11:18
  doesn't need money. They can just go to the M and
• 11:20
  OS. If there was a discussion where
• 11:21
  the M and OS had a bit more leverage, now it's more like,
• 11:24
  hey, we, we have all the money we need.
• 11:26
  If you want priority service, meaning like if you want to come
• 11:29
  after, let's see AT&T, Verizon, Vodafone and back to 10, then
• 11:36
  you're going to have to when we negotiate the, the commercial
• 11:39
  split, it's going to be, you know, make up the number, I
• 11:42
  don't know, 60% AC, 40% you right.
• 11:46
  And then you also the commercial prepayment needs to be $100
• 11:51
  million or whatever it is like prefunded revenue.
• 11:55
  But that's that's the beauty of raising enough money to do what
• 11:59
  you need to do for the next several years is that that
• 12:02
  negotiating leverage goes back into your favor and you have to
• 12:05
  give away less. And I think part of the change
• 12:08
  in the language of adding incremental strategic markets,
• 12:11
  to me that says we're thinking more broadly than just what you
• 12:16
  guys are or contemplating, which is like, OK, Bell Canada, it's
• 12:20
  most likely they'll be next, right?
• 12:21
  But then if you're going to expand service into incremental
• 12:25
  markets, part of that is you've got to spend more money to, you
• 12:27
  know, build out the infrastructure.
• 12:29
  But also in terms of coverage, you might instead of 60
• 12:33
  satellites being enough to cover the most, you know, commercially
• 12:39
  attractive markets, then perhaps you're going to 90 to cover
• 12:43
  things globally because some of these M and OS are willing to
• 12:46
  put some money up front who may not have been in that original
• 12:50
  group, right? And so that's where I think
• 12:53
  things become interesting where for example, you know, Salvia
• 12:56
  Telecom or Zayn or Mobily the any three of the kingdoms of
• 13:00
  Saudi Arabia M and OS like maybe they are going to announce a
• 13:03
  deal soon and part of this raises to get the consolation up
• 13:07
  and running and and to take on additional M and OS sooner than
• 13:11
  was originally planned. And so I think under that
• 13:15
  context, if it is to add incremental markets more rapidly
• 13:20
  than that means probably additional commercial definitive
• 13:24
  agreements are coming. And so I wouldn't be surprised
• 13:27
  to see those. But yeah, so I think, I think
• 13:31
  pulling forward, you know, raising the capital at this
• 13:35
  level and accelerating, you know, production and launch, I,
• 13:41
  I think it's quite bullish and I think people, you know, to, to
• 13:46
  put this in numbers, let me just go back here.
• 13:50
  So a billion dollar convert. We're we're going to ignore the
• 13:53
  over allotment option, but at a an effective conversion premium
• 14:00
  of 22 1/2%, which is $96.30, you divide 10 a billion dollars by
• 14:07
  that stock price and that gives you effective shares issued.
• 14:11
  If you know the convert, if the stock price trades above 9630
• 14:15
  and then within the timeframe of 10 years, you know people
• 14:18
  exercise it to convert shares that's 10.38 million shares and
• 14:24
  so on. Preparing that to the total
• 14:26
  shares outstanding of 364,000,000.
• 14:28
  That's effectively 2.8% solution, which is insane if you
• 14:33
  think about it, right, like 2.8% solution for a billion dollars
• 14:38
  when the entire market cap of the company in May of 2024 was
• 14:42
  like $700 million. So it's yeah, it's, it's, it's
• 14:49
  quite I, I think, I think as a shareholder to me, I was excited
• 14:55
  because it's like, oh, they're raising this massive quantum
• 14:57
  capital and they now have the full control of their destiny in
• 15:01
  their hands. And it's for dilution.
• 15:04
  That's the minimus or, you know, if the bond stays outstanding,
• 15:07
  it's it's 2 1/4% coupon, which is nothing, right.
• 15:11
  And actually, you know that from the proceeds of this offering,
• 15:15
  they can go invested in treasuries in it.
• 15:16
  And it's, it's actually the creative.
• 15:19
  But anyway, but yeah, I think I think this convertible deal,
• 15:23
  it's going to take a little bit of time for, you know, for
• 15:26
  shares of trade and hedgers to get hedged the current barbs.
• 15:29
  But then after that, as I mentioned before and I've
• 15:32
  written about this, we've got a feminist amount of catalogs that
• 15:36
  are coming up. And so today Israel, one of the,
• 15:41
  the officials there confirmed that it looks like BB6, which is
• 15:45
  in India currently and being integrated.
• 15:48
  It looks like that launch is going to be the first week of
• 15:50
  December, which I think for some people that were speculating
• 15:53
  whether it was like media outlets or or others who are
• 15:55
  kind of doing the backwards math.
• 15:57
  Some people were expecting perhaps late December or even as
• 16:01
  early or the early part of January.
• 16:05
  But I think today's news that BB6 will launch the first week
• 16:08
  of December, that might actually put it in the running for going
• 16:12
  first. Now FM 2 is in the final stages
• 16:18
  of being put together and testing or actually is probably
• 16:20
  going through testing right now. And it's, you've got basically a
• 16:24
  week left because I think the company was guiding towards
• 16:28
  having it shipped out to Florida before the end of the month.
• 16:30
  So we should get some type of press release if it's coming
• 16:34
  inside to announce that. But we should probably get a
• 16:36
  press release that FM 2 is either left or it's already
• 16:40
  arrived in Florida in the next few days, right.
• 16:43
  And so if that's the case, then doing, you know, assuming 30
• 16:48
  days of integration and preparation, perhaps you're
• 16:52
  looking at a launch sometime in in late November or or early
• 16:59
  December for FM 2. And so interestingly, I think
• 17:04
  both of those satellites have a pretty good shot of either going
• 17:06
  first or going at the same time. So, so it's going to be a pretty
• 17:10
  packed, action-packed calendar. And then of course, you know,
• 17:14
  we've got the quarterly results coming up, which let me just
• 17:18
  look here, see what Bloomberg is projecting.
• 17:21
  I think probably looking at November, November 14th.
• 17:28
  And so I think that quarterly update is going to be pretty jam
• 17:32
  packed full of new updates, especially given the most recent
• 17:36
  capital raises. I think the company is going to
• 17:37
  be communicating exactly what that money is being used for.
• 17:42
  And there's probably going to be some updates around military
• 17:44
  awards, additional M&O partners, a whole host of things.
• 17:50
  I mean, who knows, but I think in my last communications with
• 17:53
  the company, which was this past week, there was a very bullish
• 17:57
  tone about things that are kind of on the come and and you know,
• 18:03
  the upcoming quarter. So so yeah, I think I think
• 18:08
  there's a lot to look forward to.
• 18:09
  And as we know, you know, the stock trades quite well heading
• 18:12
  into these launch events. And now we've got a bookend for
• 18:16
  BB6 which is the first week of December and then we're going to
• 18:20
  have EV7 which will be sometime around that area as well.
• 18:25
  And so I, I do think and of course we got again the
• 18:28
  quarterly update November 14th. So I think the stock was setting
• 18:32
  up quite well and the company knows that once we've raised
• 18:35
  this capital, we want to have some good events come behind it
• 18:40
  to reward people and also conditional market that when
• 18:44
  they do raise capital, it's for a good reason.
• 18:45
  And for those who partake in the investment in the investment,
• 18:49
  you know, creditable, creditable investors, they know that
• 18:52
  there's there's positive things that are coming.
• 18:56
  Let's see here the other interesting thing that ends
• 19:00
  today actually is the comment period for AC space Mobile's US
• 19:06
  supplemental coverage when space application with the FCC.
• 19:09
  And as far as we can tell, even though the government shut down
• 19:12
  their comments, I don't think that by the very nature of the
• 19:17
  government being shut down, I don't think that affords anyone
• 19:20
  who wants to comment on the application additional time.
• 19:22
  They still have to submit their comments by then.
• 19:24
  And so the comment period ends today.
• 19:28
  And, and what that means is if anyone has any objections or, or
• 19:32
  wants, you know, modifications to the application, they need to
• 19:36
  submit those. And so far from what we can
• 19:39
  tell, there have been no comments, which is quite
• 19:41
  bullish, quite bullish, meaning perhaps competitors kind of view
• 19:46
  it as fait accompli and or who knows.
• 19:48
  I mean, maybe there will be some comments at the end of the day,
• 19:50
  but but I think that's quite positive.
• 19:53
  That's a huge catalyst, right? So once comment period ends, the
• 19:56
  FCC is going to take a look. And as we know with this, with
• 19:59
  this, with this FCC who is supremely focused on space and
• 20:05
  being competitive against China, I think the US commercial
• 20:10
  application. Sorry, the the the commercial
• 20:14
  application where U.S. market access, I think that's going to
• 20:16
  get approved within this quarter.
• 20:19
  And so whether that happens in a few weeks or I forget exactly
• 20:24
  that the process in terms of how many days once Comet paired
• 20:27
  ends, how long it takes the FCC to approve the application.
• 20:29
  But I think as we've seen this FCC is not operating like the
• 20:35
  previous bureaucracies they're moving and what I would call
• 20:39
  warp seed. So after come at very end today,
• 20:41
  who knows, we might get approval sooner than people think.
• 20:46
  And so that's something to keep an eye out for.
• 20:48
  And let's see. Oh, I, I guess the other,
• 20:52
  another thing that happened today, which I didn't put on my
• 20:55
  notes is that B Riley upgraded their price target for AST.
• 20:59
  They upgraded it to I think $95 a share from 60.
• 21:04
  And in particular, B Riley is thinking about it the right way,
• 21:08
  which is that the company raised a large quantum of capital over
• 21:12
  a billion dollars that's mildly dilutive and is is very cheap.
• 21:19
  And they're doing that to accelerate pulling for the
• 21:22
  deployment of the full constellation, not just the 60
• 21:26
  satellites for key markets, but 90 satellites for full global
• 21:30
  coverage. So they view that as bullish,
• 21:32
  which I do too. And so I raised their price
• 21:36
  target today. I did post, I did post a tweet
• 21:39
  and thanks to Space Mob for getting their hands on the
• 21:42
  report, but you can read the entire report there.
• 21:45
  They go through some of the recent events and also their
• 21:50
  thoughts around the capital raise, which I think is right.
• 21:54
  Again, I think going for global coverage and perhaps, you know,
• 21:58
  having this additional money to start working on the Block 2
• 22:02
  midday and Bluebirds also pre funding.
• 22:04
  So the CapEx needed for some of these military contracts.
• 22:06
  I mean, it's, it's, it's always good to have more capital.
• 22:10
  And I, I've said this before, you know, now that the company
• 22:14
  is well over 20, six, $27 billion in market cap, it
• 22:19
  doesn't make sense to run this thing like a startup where
• 22:23
  you're counting your pennies and you're going to run at bare
• 22:26
  minimum cash, like two $300 million, you're going to build a
• 22:29
  war chest. You build a war chest because
• 22:31
  you have the market cap to do so and the access to credit.
• 22:36
  And so by having $2.6 billion and I think they've got, was it
• 22:43
  four, no, four or five, sorry, five.
• 22:45
  I think it's like 535 hundred and $30 million left on the ATM.
• 22:49
  So let's say Max liquidity of over $3 billion.
• 22:53
  That's how you run a large company that is focused on
• 22:57
  executing an opportunity. It gives you the ability to use
• 23:01
  cash offensively, right? So whether it's procuring
• 23:04
  materials, hiring additional, you know, shifts to build
• 23:09
  satellites, also procuring additional factory space.
• 23:12
  I mean, one of the things that the company discussed in the
• 23:15
  last quarterly update is, and that was a surprise, everyone is
• 23:17
  that, Oh yeah, we can go above 6 months or sorry, 6 satellites
• 23:22
  per month production, we can go to 12.
• 23:24
  And then it was hinted that perhaps, you know, the military
• 23:28
  may want to have some of their own Bluebirds.
• 23:31
  And so maybe that's why you would take production even
• 23:33
  higher. So I think it's important the
• 23:36
  people recognize especially, you know, when this convert offering
• 23:40
  was announced, you saw a number of retail investors say, well,
• 23:44
  why do they need this money? I can't stand this, you know,
• 23:46
  why they have to raise money. Look, if you don't trust
• 23:50
  management, then you shouldn't be you shouldn't be investing in
• 23:52
  this company. But I think more importantly,
• 23:55
  you know, it's not as if, as as we've discussed before, Abell
• 23:59
  owns, you know, plus 70 million shares of Class C shares.
• 24:04
  Yes, they're super voting shares, but every offering or
• 24:07
  capital raise they do, that's equity.
• 24:10
  It dilutes him economically too, right.
• 24:11
  So he's he's the ultimate owner operator.
• 24:14
  I mean, just in the last proxy, there's several else who pointed
• 24:18
  out like he continues since the beginning, you could just draw
• 24:21
  A0 salary. He doesn't get any stock awards.
• 24:25
  He doesn't get any bonuses. His his entire economic, you
• 24:29
  know, incentive and worth is just through ownership and Class
• 24:32
  C shares. And so when they raise money,
• 24:34
  they do it for a purpose. And I think going back to this,
• 24:40
  this convert, you know, they, they, they see a multitude of
• 24:46
  opportunities and and so having the cash there is an offensive
• 24:50
  weapon. I think is, is important versus
• 24:53
  I mean, just going back to 2024 during the lean years when the
• 24:56
  company had $100 million or $200 million of cash on the balance
• 25:00
  sheet, They were restricted to what they could do and
• 25:04
  everything they did had to be successful and there's no room
• 25:08
  for error. Whereas now they can they can do
• 25:11
  things faster and they can get to scale quicker.
• 25:16
  And so having that money, I think, you know, changes the
• 25:19
  game for the company. And also if you go to M and OS
• 25:23
  regulators, governments and you're able to say, yeah, we're,
• 25:27
  we're a $30 billion enterprise and we've got $3 billion of
• 25:31
  liquidity. And that gives, you know, your
• 25:34
  counterparties a lot of confidence that you have the
• 25:36
  ability to get to the finish line.
• 25:39
  And so I think they're kind of, you know, if you were to look at
• 25:44
  AST Space mobile today with 3 billion of total liquidity
• 25:48
  versus, you know, if the, it's a company that just had $200
• 25:51
  million, then people would heavily discount the stock that,
• 25:55
  you know, I don't think the company's going to get piece
• 25:57
  together the funding to get commercial service up.
• 26:00
  But, but now that equation is different today and the
• 26:04
  company's been rewarded for that.
• 26:05
  So I, I think it's important people recognize that even when
• 26:08
  the company's raising money, they're doing it for a good
• 26:10
  reason. And importantly, they're going
• 26:13
  to keep a minimum cash balance, which is going to be pretty
• 26:16
  hefty because you never know, one day Legato might come up
• 26:21
  again and you want to be able to pull the trigger.
• 26:24
  And by having cash in ham, you can do that more quickly versus
• 26:27
  having to go to credit investors and putting together an SPV.
• 26:31
  And then, you know, getting getting a number of of banks
• 26:35
  lined up and also their stuff, right, Like you can move more
• 26:37
  quickly, which which I think as an investor you want the
• 26:41
  community to have that strategic flexibility anyway.
• 26:45
  But yeah, moving on, AT&T yesterday reported earnings.
• 26:48
  I think it's interesting. And this is kind of the key take
• 26:51
  away is that while AT&T and T-Mobile today didn't, you know,
• 26:57
  go out of the way to talk about direct to device, it was like
• 27:02
  topic du jour in Q&A. So AT&T, you know, John Stinky
• 27:06
  got asked about what they're doing around direct, direct
• 27:10
  advice and he, I, I tweeted about it, but he was very
• 27:13
  complimentary of AC space Mobile and how the service is going to
• 27:18
  help them to better serve customers.
• 27:21
  And then today T-Mobile had their conference call, which was
• 27:25
  quite funny to listen to. Of course, they were asked about
• 27:28
  direct advice and they, they claimed that they Co invented
• 27:33
  direct advice with SpaceX. So it's always fun to see their
• 27:38
  marketing hats on where they, they made these like bold claims
• 27:40
  that they did it, they they invented the category and that
• 27:43
  there are there first, which to be candid, like they've rolled
• 27:46
  out the service first, our first commercial service, which you
• 27:49
  know, obviously has, has a lot of areas of improvement to go.
• 27:53
  But as we've discussed in the past, you know, Starlink is
• 27:56
  going to get to a great service and AST as well.
• 27:59
  And, and it's going to be a duopoly.
• 28:01
  And that's, it's a matter of how many M and OS can you sign up
• 28:05
  and scale the business. I think architecturally, you
• 28:08
  know, Starlink, they're, they're maybe they'll fix this in our
• 28:11
  next generation of satellites, but technology there is a
• 28:14
  disadvantage. But eventually they'll get to
• 28:16
  something that's pretty decent and that's OK.
• 28:18
  Like I think having two providers in a, in a market
• 28:23
  that's serving what 6 billion subscribers globally, that's, I
• 28:28
  think that's a pretty good end state.
• 28:30
  And if you've got the best technology and you've got 2/3 of
• 28:33
  the most profit market, that's really good.
• 28:36
  That's a good position. And you, yeah, you have a
• 28:39
  management team that's a political is, is friends with
• 28:42
  everyone. It's just there to provide
• 28:44
  service. They're not there to take the
• 28:46
  limelight. They're providing true broadband
• 28:49
  on a wholesale basis where in AT&T or Verizon, they can pretty
• 28:52
  much label it themselves where they don't need to talk about AC
• 28:55
  space mobile, like that's where you want to be versus I think
• 28:59
  T-Mobile, they've kind of made the fast and bargain and sold
• 29:02
  their souls. And we'll see ultimately how
• 29:05
  that relationship works out over time.
• 29:07
  But but yeah, the key takeaways is that it's kind of getting
• 29:11
  more mindshare or not kind of it is getting more mindshare with
• 29:14
  institutional investors where on all these conference calls,
• 29:18
  investors are asking some of the most elementary questions about,
• 29:22
  hey, is directed device going to be competitive and take over
• 29:25
  terrestrial networks, which it's not.
• 29:28
  But then also, you know, how's this going to drive customer
• 29:32
  satisfaction adoption, you know, ARPU, all that stuff like that's
• 29:36
  starting to come out. So I think it's, it's important
• 29:38
  to note because the the team T investors at this point, it's
• 29:43
  pretty much unavoidable. Like they've got to know about
• 29:46
  AST Space mobile, they've got to know about Starling because it's
• 29:48
  going to become a much bigger part of the wireless industry.
• 29:54
  And for any smart investors, you know, there's only one public
• 29:58
  company to play way to play it, which is AST.
• 30:01
  So on the flip side, I, I did listen to the Iridium conference
• 30:06
  call today and boy, that that's just, they're just in a really
• 30:10
  tough spot. I think going back to 2021-2022,
• 30:17
  Matt Desh, who's the CEO of Iridium, he used to kind of make
• 30:21
  a joke about AST space mobile and, and kind of Pooh Pooh the
• 30:24
  whole idea of direct advice. But now with AST Space mobile
• 30:27
  and, and, and Starlink, especially after they purchased
• 30:31
  Echostar Spectrum, I mean, you guys have seen it.
• 30:34
  Iridium stock price has gone from in the 30s to now at 18.
• 30:38
  And it's off today because some of the comments he made, but
• 30:42
  they're just in a really tough spot because like on the one
• 30:44
  hand, Iridium has been a successful business.
• 30:48
  They've generated a ton of free cash flow.
• 30:51
  They're expected to do, I think like 300 million of free cash
• 30:53
  flow this year. But the issue for them is that
• 30:56
  they, they kind of went into in financial engineering land.
• 31:01
  And so once they once the company came out of bankruptcy
• 31:04
  and had done well and got military contracts with which
• 31:07
  save them, you know, if you look at their total, I think
• 31:12
  subscribers, it's like maybe a million globally or 1.1 million.
• 31:17
  That's really low. And of course, they're charging
• 31:19
  premium prices for anywhere connectivity, but once direct to
• 31:23
  device really gets cooking and now you've got, you know, AC
• 31:28
  space mobile and Starlink that are that are going to
• 31:31
  consolidate MSS spectrum. So even beyond terrestrial
• 31:34
  coverage or terrestrial spectrum, they're going to
• 31:37
  utilize satellite spectrum. Where does that put Iridium?
• 31:40
  And so these guys were, you know, they pay a pretty big
• 31:43
  dividend. They, they have a huge share
• 31:45
  buyback program, which you know, in retrospect is going to look
• 31:50
  pretty stupid because they, you know, they were buying bunch,
• 31:53
  buying back a bunch of stock in the 30s and 20s and now the
• 31:57
  stocks at 18. But they also took on debt to,
• 32:01
  to pay for those dividends and share buybacks.
• 32:04
  And so they've got a ton of leverage on as well.
• 32:06
  And I remember back in the day when Iridium I'm not back in
• 32:10
  days recently, like a year ago, they were touting like this
• 32:13
  whole CapEx holiday where hey, we're not, we don't need to
• 32:16
  invest in satellites. And so we're just going to turn
• 32:18
  into capital and shareholders. And so, yeah, they went from
• 32:23
  being able to fund their future and kind of pivot to now they're
• 32:27
  in a really tough spot, right? Because a lot of their investors
• 32:31
  are income oriented. They're yield guys who who want
• 32:35
  dividends, right? So they, if they go cut the
• 32:37
  dividend, then you're going to have a bunch of investors exit
• 32:40
  the stock, which then stock goes down.
• 32:42
  That limits their financial flexibility to go do stuff.
• 32:45
  And so they're just in a really tough place.
• 32:48
  You can really hear it in their Q&A where funny enough, like
• 32:53
  some of the analysts who are bullish on Iridium and and are
• 32:56
  neutral on AST were on on the Q&A.
• 32:59
  They were all like grasping for some level of hope or roping for
• 33:04
  some nugget from the company because the entire Q&A was
• 33:07
  focused on who can you partner with?
• 33:09
  What could you do strategically? Can you sell yourselves?
• 33:13
  If you, you know what, basically you guys don't have the
• 33:18
  financial wherewithal to your pivot.
• 33:20
  So can you get a lifeline from somebody?
• 33:23
  And so there were some interesting comments that mega
• 33:25
  constellation made, you know, I think they talked about and then
• 33:29
  of course, like the company's going to say this, that they're
• 33:31
  talking to everybody and they're going to try to potentially
• 33:35
  develop some type of partnership.
• 33:36
  And the company didn't in a full thwarted way say they were for
• 33:40
  sale, but they did say like, you know, if, if there is a
• 33:43
  shareholder maximizing alternative, then we'd we, of
• 33:46
  course we'd consider it, which, yeah, they have to because
• 33:48
  they're in a tough spot. You know, Iridium in of itself
• 33:52
  is, is interesting. It does have global harmonized L
• 33:56
  band spectrum. It's only about 8 megahertz
• 33:57
  wide. So I mean, that would give you
• 34:00
  like decent data and voice coverage.
• 34:03
  But beyond that it's it's, it's uses coverage like that.
• 34:07
  That's good. But then I think for a player
• 34:11
  like Starlink, if they were to consider something, it might be
• 34:15
  tough to just, well, I don't know, maybe Starlink could
• 34:18
  utilize L band spectrum. But for AST with the Block 2
• 34:22
  Bluebirds, guess what, we already are utilizing L band
• 34:24
  spectrum. That Iridium spectrum is right
• 34:27
  next to Legato spectrum. And so there's actually some
• 34:31
  interesting synergies there where you could, there's a guard
• 34:35
  band, which is a a little sliver of spectrum that you have to use
• 34:38
  to, you know, both operators basically say we're not going to
• 34:42
  transmit over that guard band so that there's no interference.
• 34:44
  But if, if legato spectrum is combined with the radium, you
• 34:48
  could have to utilize that guard band and just kind of combine
• 34:51
  the 2. So there is some interesting, so
• 34:55
  there is some interesting, you know, potential there.
• 34:59
  But at the same time, the thing for radium is that it's, it's
• 35:03
  kind of a, an eroding asset. And so while it does generate
• 35:07
  300 million of free cash flow year, how durable are the
• 35:10
  service revenues because they, you know, they clearly are
• 35:13
  losing subscribers and, and once AC Space mobile and Starlink
• 35:18
  really get going, you know, how, how, how much can they actually
• 35:22
  hold onto? And so one of the big comments
• 35:25
  that I thought was interesting and, and quite telling you is
• 35:27
  that in the, in the conference call, you know, the Radium's got
• 35:32
  a very predictable business, assuming, you know, some
• 35:35
  moderate levels of, of churn and growth.
• 35:37
  You know, they, they basically give long term forecasts all the
• 35:40
  way up to 2030, whereas today they basically pulled out
• 35:42
  forecast and they specifically pulled it for the fact that the
• 35:46
  competitive landscape is changing.
• 35:48
  And so so yeah, that's a pretty big, that's a pretty big
• 35:53
  admission for a company that originally was like direct
• 35:56
  advice. It's a niche area.
• 35:57
  It's not going to, you know, they didn't see a future in it.
• 36:00
  Whereas now their tone has changed where they they and
• 36:05
  everybody who's invested in them recognize the huge competitive
• 36:07
  threat it is. And then when they talk about
• 36:10
  positioning, they say, well, we've got a, we have unique PNT
• 36:14
  services we can provide the military, we are a complementary
• 36:19
  service to direct advice, which is regional in nature, we're
• 36:22
  global, which by the way, like that's actually that has changed
• 36:26
  because now you've got AST space mobile and installing that will
• 36:31
  that will be pursuing MSS spectrum.
• 36:34
  And so yeah, they're in a tough spot.
• 36:35
  But I think the reason why I brought up Iridium is that, you
• 36:38
  know, there's some some speculation that maybe they'll
• 36:41
  have to sell themselves or partner with somebody.
• 36:43
  But but yeah, I'm not sure if that is if that does happen, I'm
• 36:49
  not sure when it would happen and under what circumstances,
• 36:52
  because I think they're in a tough spot.
• 36:54
  And if you're a buyer, you get paid to wait because financially
• 37:00
  the company's just going to erode over time.
• 37:03
  But on the flip side, there could be some synergies there
• 37:07
  like you know, if you were, if you were a Starlink or an AST,
• 37:11
  you could, you could go, you could be interested for the
• 37:14
  spectrum and kind of harvest the business, you know, manage it
• 37:18
  for cash overtime. And then at the right time, you
• 37:21
  if your constellation's up, you switch it over and just add it
• 37:23
  to your portfolio spectrum. In the meantime, you could like,
• 37:27
  you know, you could take a decent amount of SGNA out,
• 37:29
  CapEx, R&D as well, because they're not from what I
• 37:32
  understand, just give them the financial mess that they've put
• 37:35
  themselves in. They're, they don't have the
• 37:38
  ability to afford another consolation.
• 37:40
  So yeah, it's a tough spot. Yeah.
• 37:46
  And I think the another thing I wanted to check upon is there,
• 37:48
  there's a information article that came out today that talks
• 37:52
  about how Apple and Starlake may work together.
• 37:56
  And I, I did get take a look at the article and I'll try to
• 38:00
  share it later. But I think it's important to
• 38:03
  note, and this is by the way, this is where the Global Star
• 38:05
  headlines came out of, which by the way, for those I get to a
• 38:09
  point like the headlines say that the company would consider
• 38:12
  selling it above $10 million. But the article reads that it's,
• 38:16
  it's actually quite bearish for Global Star.
• 38:18
  So if you're speculating Global Star, yeah, that that headline
• 38:23
  is not bullish and I'll explain why.
• 38:25
  But in this article today, it talked about how it's hinting
• 38:31
  that potentially Starlink and Apple could be working together
• 38:33
  where star, you know, Apple is integrating some Starlink's
• 38:37
  Echostar frequencies into its handset.
• 38:39
  And then Starlink is also in their next generation of
• 38:45
  satellites is going to be putting global star spectrum
• 38:47
  into their chips. And I think it's important to
• 38:50
  note that, you know, these are journalists who perhaps don't
• 38:55
  have off the full context or they're speculating, or maybe
• 38:57
  they're fed stuff. But in interestingly, AC space,
• 39:01
  Mobile's not mentioning the article.
• 39:02
  And then at the end, of course, Tim Farrar gives his little
• 39:05
  worthless blurb. So you can kind of tell like
• 39:08
  what angle the articles coming from.
• 39:10
  But in that article, it also talks about how Apple's
• 39:14
  dissatisfied with Global Star and that it's not it's it's a
• 39:17
  tenuous relationship. And perhaps at some point Global
• 39:20
  Star on its own wants to sell itself, which of course would be
• 39:23
  tough because Apple basically owns Global Star.
• 39:27
  They would have the right of first refusal unless Apple
• 39:30
  decided to, you know, wash their hands on the thing, which is
• 39:33
  possible, I guess. But you know, from my
• 39:35
  perspective, I think Apple's distressed investment, Global
• 39:39
  Star was very smart. They got a toehold and and some
• 39:44
  type of satellite service that's global.
• 39:47
  That spectrum is worthy worth, worth a decent amount of money.
• 39:50
  And at some point in the future they could shut down Global Star
• 39:54
  and then lease the spectrum out to somebody else or partner with
• 39:57
  someone else. So there's a whole host of
• 39:59
  things that Apple can do with that.
• 40:00
  And so there is there is quite a bit of value there.
• 40:02
  So I don't think I don't think for Apple Global Star is going
• 40:05
  to be bad on us. And for Global Star investors, I
• 40:08
  think it's important to know, and we've talked about this
• 40:10
  before, you know, Apple owns basically 85% of the capacity of
• 40:13
  Global Star. So what you own is some type of.
• 40:18
  Return off of that 85% and then you get the optionality of the
• 40:21
  leftover 15%. I don't know, you know, what
• 40:24
  that 15% is worth, you know, in terms of satellite capacity, who
• 40:28
  do you sell that to and and what are the economics of it?
• 40:31
  But in the article it talks about how, as I mentioned
• 40:35
  before, Apple and Starlink like they're they're coordinate, you
• 40:39
  know, Apple's going to add Starlink's frequencies to its
• 40:41
  phone and and vice versa, which by the way, like that's just
• 40:45
  standard corporate, I mean, standard practice for the
• 40:48
  industry because for example, they get constellations worried
• 40:52
  about this before Apple is actively trying to shape the 5G
• 40:57
  non terrestrial network standards.
• 40:59
  And so in their FCC filings, they they they're trying to
• 41:03
  shape, for example, how Regato spectrum vice that others
• 41:08
  spectrum, how they're going to be incorporated into the
• 41:11
  standard. And that also includes Echostar
• 41:13
  too. So the fact that Apple's trying
• 41:15
  to have a hand in shaping that those standards shouldn't be a
• 41:19
  surprise to anyone. And they're doing that with,
• 41:22
  again, they're doing that with a Gatto spectrum too.
• 41:24
  So, you know, I could write the same article, I guess, and say
• 41:26
  that AST and Apple are working together, which they probably
• 41:31
  are, but I don't, I think AST is is a bit more of a conservative
• 41:36
  organization and they're not going to go float rumors to
• 41:39
  journalists. And I don't know for whatever
• 41:41
  purpose, but but yeah, Apple, I think it's important to note
• 41:46
  that Apple's a handset manufacturer.
• 41:47
  They will incorporate any service in any frequencies that
• 41:51
  their Aminos request of them, right?
• 41:53
  Because at the end of the day, the Aminos are their most
• 41:56
  important partners and customer. They're the ones who distribute
• 42:00
  handsets. They're the ones who have this,
• 42:03
  the terrestrial spectrum that provides service for the
• 42:05
  handsets. This is why Apple at all costs
• 42:08
  tries to avoid competing directly with their handset.
• 42:11
  Sorry, competing directly with M and OS because Apple meets them
• 42:15
  and the M and OS obviously to a degree need Apple.
• 42:18
  At least you know, if I, if, if Verizon or AT&T decided to drop
• 42:22
  Apple handsets and move to Samsung, it would be really
• 42:26
  tough. It would be really tough for me
• 42:28
  to go to, to T-Mobile, but I might have to because I
• 42:31
  actually, I love Apple products, right?
• 42:34
  And so there's this, there's this symbiotic relationship, but
• 42:37
  Apple also knows that they can't piss off their MNL customers.
• 42:40
  They could do that when iPhone was like a majority of
• 42:44
  smartphone sales, but that doesn't exist today.
• 42:47
  But it the Apple probably represents A majority or decent
• 42:50
  chunk of premium hand phones, premium user usage, right?
• 42:54
  So, but anyway, but on the other point, it's also I, I can
• 43:00
  guarantee you, I don't know this for sure, but I can get, well, I
• 43:03
  know one thing for sure, when AST.
• 43:06
  Space Mobile developed their ASIC and started that process
• 43:09
  years ago, one of the things that they've publicly said is we
• 43:13
  incorporated legato spectrum into that ASIC.
• 43:16
  Now, why would they do that? Well, because when you develop
• 43:19
  an ASIC, it takes many years and, and you're going to want
• 43:21
  that ASIC to have as much flexibility as possible to work
• 43:24
  across as many frequencies as possible.
• 43:28
  And so when AST started work on that spectrum or the the ASIC,
• 43:33
  not only do they incorporate all the Southerner low bands, they
• 43:35
  incorporated all the MSS bands as well and which included
• 43:38
  Legato. So when they announced the deal
• 43:41
  and in the last, I think it was the last quarter quarterly
• 43:45
  update, maybe the one before, you know, someone had asked
• 43:48
  about Legato and, and being able to utilize that spectrum.
• 43:51
  And that was like, Oh yeah, you know, years ago we, we
• 43:54
  incorporated Legato spectrum into the chips.
• 43:57
  So we can use it like it immediately, like once, once we
• 44:00
  get FCC approval. And of course, like, you know,
• 44:02
  the, the midday and Bluebirds are up like they're, they're
• 44:05
  going to light up that spectrum. The other thing that is
• 44:09
  important to know is that I, I don't know this for sure, but I
• 44:12
  can guarantee you that global star spectrum is incorporated
• 44:16
  into AST space Mobile's ASICS. The reason why that is, is that
• 44:21
  it doesn't really cost you much to do that.
• 44:24
  And you never know what the future may hold, right?
• 44:26
  So maybe in the future, if, if Apple and global star enters
• 44:31
  into some type of partnership with AST to utilize the mid band
• 44:34
  Bluebirds, then then they can light up that spectrum, right?
• 44:38
  So, and that's, that's the beauty of of the architecture of
• 44:42
  having large phase ray is that you can, you can serve a very
• 44:45
  wide bridge of frequencies. And so for the mid band, sorry,
• 44:49
  low band Bluebirds, that's anywhere from 600 to 900
• 44:52
  megahertz. For the upcoming mid band
• 44:54
  Bluebirds, that's 1.5 gigahertz to, in terms of what I've seen
• 44:59
  disclosed, as high as 2.6 gigahertz.
• 45:01
  And so that would encompass Global Star Legato, I mean, even
• 45:07
  Echostar or if Verizon buys AWS 3 spectrum, it can cover that
• 45:12
  too, right? So, so I think it's, it's
• 45:16
  important to have some context where if if a journalist writes
• 45:19
  an article, it's like, Oh yeah, you know, this is kind of
• 45:22
  typical stuff like incorporating frequencies into a chipset just
• 45:27
  in case for the future you're going to do that.
• 45:29
  And so, but going back to the whole global star point, I think
• 45:34
  in the article it, it talks specifically about how Apple may
• 45:38
  eventually pivot off the global star, which you don't honestly
• 45:41
  like. I don't see why they would do
• 45:43
  that. I think it makes sense to just
• 45:44
  get out of that service as a nice feature in case other
• 45:47
  things go down. I don't know why they would just
• 45:50
  kind of throw that away after making a $2 billion investment
• 45:53
  or how much ever it was. But I think, you know, the the
• 45:59
  fact that that Apple is now so focused on NTN 5G connectivity
• 46:07
  and shaping the standards and making sure that their phones
• 46:10
  are going to work with Starlink, They're going to work with ACC
• 46:12
  Global, They're going to work with, you know, any host number
• 46:16
  of you know, whether it's like Sky low or some of these other
• 46:20
  companies that are doing, you know, text messaging low band
• 46:23
  service, they're going to want to make sure their phone works
• 46:25
  with everything, right, Because that's at the end of the day,
• 46:27
  that's how you sell handsets. And so anyway, the day yeah, I
• 46:31
  think that's important context for people to have.
• 46:34
  But but yeah, there's a lot going on.
• 46:37
  And I think one of the one of the comments kind of
• 46:43
  crystallizes it that Matt Dash, the CEO of Iridium said today he
• 46:49
  I got to go back and look at the, maybe I'll put it out as a
• 46:51
  quote because it's, it's so good.
• 46:53
  But he specifically talks about how direct and device is
• 46:57
  something that they didn't foresee coming into play until
• 47:00
  2030. No, no, 2035.
• 47:03
  And, and this actually mirrors his comments where he said,
• 47:07
  yeah, that's not an industry that's going to happen until 10
• 47:09
  years from now. So yeah, it actually fits 2035.
• 47:12
  But then he admitted today on the call that, but now it's
• 47:15
  something that we have to think about competitively that's going
• 47:17
  to happen in 2029. And you know, he's, he's saying
• 47:20
  2029 because you, you're trying to buy as much time as you can,
• 47:23
  right? But that just because to show
• 47:26
  you, I mean, the entire industry is changing and getting
• 47:30
  disrupted and directed device is going to be a pretty powerful
• 47:34
  force. And even in T-Mobile, I mean,
• 47:37
  and here's another thing. When you listen to these Amido
• 47:40
  CE OS, whether it's Verizon, AT&T or T-Mobile, you've got to
• 47:45
  look at it. You have to take the comments
• 47:47
  with a grain of salt, right? And, and this is where Tim, Tim
• 47:50
  Farr better known as Dim Spacebar or some of these other
• 47:55
  industry guys, they read words and they, they're like, oh, that
• 47:58
  automatically means this or that.
• 48:00
  And it's like, no, you, you've got to put some context around
• 48:02
  it, right? And so when an MNOCEO says like,
• 48:06
  Oh yeah, this is good for filling gaps And, and you know,
• 48:11
  when when you're in a dead spot and you know, then, then this
• 48:14
  service makes sense. They're going to say that
• 48:16
  because by definition, if they say something else, that means
• 48:19
  that they're they're admitting that their own service is not
• 48:22
  good, right. And so when a company like
• 48:25
  Verizon goes out and says, yeah, we've got 96% coverage in the
• 48:29
  US, that doesn't mean 96% of the actual landmass of the US.
• 48:34
  It actually means like 96% of where people live and, you know,
• 48:37
  work. And when you actually look at
• 48:39
  the coverage, it's actually something more along lines of
• 48:42
  70% of the landmass cover. The other 30% is not.
• 48:45
  And so even today T-Mobile talking about their, their
• 48:50
  partnership with SpaceX, they say, you know, SpaceX, it's
• 48:52
  going to be great for with this new Echostar spectrum, it's
• 48:55
  going to be great for coverage when you're out of terrestrial
• 48:58
  coverage. And that actually is not true.
• 49:02
  And then they've got to talk that way because you can't
• 49:06
  again, you can't like expose weaknesses, right?
• 49:10
  That what Echostar does is it gives Starlink 100% coverage of
• 49:14
  the US, just like Legato gives you 100% coverage.
• 49:17
  And so in T-mobile's case, for them to say that it seems a bit
• 49:23
  defensive. And, and I think it's important,
• 49:26
  you know, for AT&T and Verizon, when when you hear the CEO
• 49:29
  speak, like you got to always look at it from their
• 49:31
  perspective, like this is a nice feature.
• 49:34
  It's going to provide better customer satisfaction.
• 49:38
  But by the way, our service as it stands terrestrially is
• 49:41
  great. It's, it's amazing.
• 49:43
  We have full coverage. Like rarely will there ever be a
• 49:45
  dropped call or, or you're in a dead spot, which we all know
• 49:48
  from personal experience. Like that's just not true.
• 49:50
  But but if you're like a dim space bar, you know, Tim Farrar,
• 49:54
  it's like, Oh my God, this guy said like, it's just for dead
• 49:57
  zones. So it's only going to be
• 49:58
  enforced in parks. It's like, no damn shit.
• 50:00
  It's it's for all the areas. It's, it's broader than that
• 50:05
  number one. And #2 what Legato does is it
• 50:09
  allows ASD space mobile to actually provide additional
• 50:12
  capacity for these carriers. And so it's going to overlap
• 50:16
  with the terrestrial network. So the the black one Bluebirds
• 50:19
  are going to be gap fillers and coverage.
• 50:22
  And then the Block 2 Bluebirds are actually going to provide
• 50:24
  100% Internet coverage, broadband coverage that is going
• 50:30
  to augment, it's going to bolster Verizon AT DS network.
• 50:33
  And so if you can imagine you're in an area where the coverage,
• 50:37
  the network's getting inundated with too much use, like maybe
• 50:39
  it's a beach, then you'll have the ability to switch over to,
• 50:44
  you know, seamlessly, hopefully, if they, if they can work out
• 50:47
  the, the technology, which, you know, seamless handover is, is,
• 50:50
  is key, right? Like that's what makes the
• 50:53
  service user friendly. And consumers, like consumers
• 50:57
  don't even the, the ideal place where you want to end up is
• 51:02
  where consumers have no idea if you're on threshold or satellite
• 51:05
  network. It just works.
• 51:07
  And that's, that's like the best goal for these companies.
• 51:12
  And so for AST, having the ability to have Legato spectrum,
• 51:17
  you know, 40 megahertz of uplink and downlink capacity on top of
• 51:21
  the terrestrial network for AT&T and Verizon, that's a really
• 51:24
  powerful tool, right? So if you're at a baseball game
• 51:28
  or if you're on the beach and there's a lot of people and the
• 51:30
  network's slow, your phone hopefully will have the ability
• 51:33
  to aggregate that additional capacity.
• 51:36
  And all of a sudden, like your service is better.
• 51:39
  You'll, you'll have as opposed to sometimes when your phone
• 51:43
  goes drops to 3G or whatever it is, you will actually have the
• 51:46
  ability to leverage both networks and get additional
• 51:50
  capacity. And so I think that's where
• 51:53
  that's like the big game changer going out beyond just additional
• 51:58
  supplemental coverage, but then providing additional capacity.
• 52:01
  And, and that 100% coverage is important as you get into other
• 52:06
  applications, whether it's Internet of Things, you know,
• 52:10
  autonomous vehicles, drones, all that stuff.
• 52:15
  But being able to say you have 100% coverage from satellite,
• 52:18
  which by the way, like with cellular, terrestrial spectrum
• 52:22
  and towers, that is an impossibility.
• 52:24
  It will never happen because you have to keep building towers and
• 52:29
  putting towers up in certain areas is just not economic.
• 52:32
  And even in cities like LA or New York, you, you know, whether
• 52:39
  it's geography like you, you have like a valley and mountains
• 52:42
  that might, you know, cut off signal.
• 52:44
  But then also you have, you know, structural impediments
• 52:48
  from a social point of view, right?
• 52:51
  Like people don't want towers. And so there might be parts of
• 52:54
  LA or the Hamptons. We always talk about the
• 52:57
  Hamptons because it's a wealthy enclave of Long Island, but
• 53:01
  there's like a whole host of dead spots in the Hamptons
• 53:04
  because people don't want towers in their backyard and they don't
• 53:06
  want it on the roof. And so satellite, especially
• 53:10
  using MSS spectrum, then you get 100% coverage in those areas.
• 53:14
  And that's where, you know, we talked about like the regulatory
• 53:18
  point of view for some of these services like drone delivery or
• 53:21
  upon this vehicles or whatever it is like those things are
• 53:24
  going to need a human operator to be able to turn off, have a
• 53:28
  kill switch at any time. And, and they'll need to be
• 53:30
  connected. They, they won't be fully AI
• 53:33
  autonomous. And so that's going to require
• 53:36
  connectivity. And so in those areas, satellite
• 53:39
  coverage is basically the only, the only game of town, right?
• 53:41
  So yeah, that's, that's, I think today we, we kind of, I don't
• 53:50
  know, actually now thinking about like today is, is pretty
• 53:52
  much like a Seminole event, right?
• 53:54
  Like you had ASD Space Mobile and in a 2 day marketed
• 53:59
  overnight, they were able to raise a billion dollars or
• 54:02
  basically $1.15 billion. You had AT&T and Verizon, sorry,
• 54:07
  AT&T and T-Mobile basically get fielded questions about direct
• 54:12
  to device and it's a key focus for people.
• 54:14
  You had Iridium have a conference call basically saying
• 54:17
  we screwed up, we should have been applying money into Rd. and
• 54:20
  thinking about the next thing, and we didn't.
• 54:22
  And so we're kind of screwed. And.
• 54:24
  And so we need to work with somebody if they'll have us.
• 54:29
  And, you know, we thought we had until 2035, but lo and behold,
• 54:32
  like it's coming faster than we expected.
• 54:33
  So yeah, it's actually just kind of thinking through what I've
• 54:39
  covered. Today is a pretty Seminole and
• 54:41
  important day. And yeah, it's.
• 54:44
  Maybe we'll look back on this winner's face and be like, Oh
• 54:47
  yeah, that that was like the point in time where things
• 54:50
  really started to accelerate. Like the dam broke and and
• 54:54
  Iridium and Global Star, Yeah. And all these legacy guys, they
• 54:59
  really, I mean, I guess the other I wasn't, I didn't think
• 55:03
  about talking about it because I really don't think about it at
• 55:05
  all. But earlier this week, Link,
• 55:09
  which is a which was an early directed device player.
• 55:13
  They merged with Omni Space and they're being backed by SES,
• 55:17
  which is a European satellite communications company.
• 55:21
  Pretty well capitalized actually.
• 55:24
  But you know, I joked that that's that's like 2 garbage
• 55:27
  trucks colliding because Omni space has some spectrum
• 55:32
  allocation in S band in different locations around the
• 55:36
  world. And then interestingly, Lync is
• 55:40
  a directed vice player. Their satellites are focused on
• 55:43
  low band spectrum And so combining the two, they're not
• 55:48
  compatible today. But eventually if Lync does, if
• 55:54
  they do refer to architecture satellites and I don't know you
• 55:57
  know, if they how long that's going to take, then perhaps they
• 56:00
  could utilize Omni space spectrum.
• 56:03
  But then if if indeed that does happen, they'll need they'll
• 56:08
  need to spend the CapEx to put up a consolation.
• 56:11
  And then on top of that they'll need M&O partners which I think
• 56:14
  Leak boasts that they've got 50 M&O partners today.
• 56:17
  However, these are small guys like, you know, little operators
• 56:22
  in the Cook Islands or something.
• 56:25
  You know, no one of consequence. But anyway, but I think there
• 56:29
  you you seem that that's a marriage of desperation where
• 56:33
  Omni space, I think have been trying to shop itself.
• 56:36
  There were no buyers because in essence, like what they have are
• 56:39
  spectrum rights. But as we all know, you can go
• 56:42
  to regulator and if you're not, if you don't have a plan and you
• 56:46
  don't have money, the spectrum rights mean nothing, right?
• 56:49
  And so, so, yeah, so you're seeing, I think for Omni Space
• 56:55
  that they probably have filled out requirements to keep a hold
• 56:58
  of the spectrum that they've been granted, of which, you
• 57:02
  know, all that stuff is going to come up for renewal.
• 57:04
  And so part of it is I, I am guessing, I don't know this
• 57:08
  because I'm not involved, but I'm guessing they merged with
• 57:12
  link to them be able to go to regular and say, hey, look, we
• 57:14
  got real satellites that we're going to put up and we're going
• 57:16
  to try to meet these build out requirements.
• 57:19
  And they're basically buying some time, right.
• 57:20
  So, yeah, there's a lot that has happened this past week.
• 57:24
  And I think the landscape has shifted and, and today you're
• 57:28
  seeing, I mean, it's been a slow burn, but today I think it's a
• 57:32
  true, the first real admission from the legacy player, which is
• 57:37
  already in where they just, they, they've admitted that they
• 57:42
  screwed up strategically and they're in a tough spot.
• 57:45
  And so that's why their stock is where it is.
• 57:48
  But that said, you know, there, there could be some future for
• 57:51
  them in partnership with someone.
• 57:53
  I just don't know who. And you know, AC could
• 57:56
  potentially, but I think the key thing for AC is that they've got
• 58:01
  bigger fish for fry. They've got an amazing
• 58:04
  opportunity in front of them. And so why bother at this point
• 58:08
  with Iridium. But you know, I think perhaps
• 58:11
  that there's some type of sweetheart deal in the future if
• 58:12
  it could make sense and I could lay out that bowl case for why
• 58:16
  the two together would make sense.
• 58:18
  But but I think also for AST, they've got the capital, they've
• 58:22
  got the M&O relationships, they've got the regulatory know
• 58:26
  how and they've got spectrum and they're they're going out to get
• 58:29
  more. And so I think, I think for them
• 58:33
  right now, there's no need to do anything strategically there.
• 58:36
  Anyway, I've been rambling. Let me just go through the
• 58:39
  comments. Let's see if there's any
• 58:44
  questions here. Worldwide coverage for spectrum,
• 58:51
  even if eight that even 8 megahertz is valuable.
• 58:54
  This person's talking about Legato or sorry, Iridium revenue
• 58:58
  share deals similar to Legato AST would allow them to compute
• 59:01
  it, generate value for cash flow for investors.
• 59:02
  Potential would win. Yeah, there could be, I mean
• 59:05
  there could be some potential partnership in the future where
• 59:09
  Legato is able to leverage AST space mobile mid end Bluebirds
• 59:17
  and light up their spectrum and then they can decommission their
• 59:20
  entire constellation and then there there's some type of
• 59:24
  revenue share. I mean, I think anything's
• 59:25
  possible. I mean, I think it's important
• 59:27
  to note for Iridium that they do have a, a niche business and
• 59:31
  it's, it's decent and the US government keeps giving them
• 59:34
  military contracts. I mean, I think part of it is
• 59:37
  they're trying to support that coming because they don't want
• 59:38
  it to go under, because it does serve some important
• 59:41
  communications roles. And if you think about the US
• 59:45
  government's focus on resiliency and redundancy, especially in
• 59:51
  contested areas where electronic warfare is going to be prevalent
• 59:54
  and, and perhaps, you know, there might be an adversary
• 59:57
  looking to take down any number of constellations for periods of
• 1:00:01
  time, you want to have more than less of these things going.
• 1:00:04
  And so I think Iridium has strategic value there.
• 1:00:06
  But yeah, they they could work together.
• 1:00:08
  Iridium could also end up working with Starlink in some
• 1:00:11
  capacity. I don't know how that would play
• 1:00:13
  out, but but yeah, it's possible.
• 1:00:17
  Let's see. Can you talk about the offering
• 1:00:20
  or have a see? Can you talk about the offering
• 1:00:23
  over 2 days? How does it work?
• 1:00:26
  Is it private? Why not capped call this time?
• 1:00:28
  OK, So what I meant by a two day offering is that I mentioned
• 1:00:32
  this in the space weekly talk, the deal with so and certain
• 1:00:38
  investors who are convertible bond investors were brought over
• 1:00:40
  the wall, meaning they got restricted.
• 1:00:42
  So once you get restricted, you're getting material non
• 1:00:45
  public information. You and your firm cannot trade
• 1:00:48
  on that information. And that's how it should work.
• 1:00:51
  And obviously sometimes like stuff gets leaked and and know
• 1:00:56
  some of that information might get in the market which
• 1:00:59
  obviously has to retail. We have no idea probably I mean
• 1:01:01
  most investors had no idea that this was coming, but maybe they
• 1:01:05
  were because of the stock traded down to a degree prior to this
• 1:01:09
  deal. But it was marketed for two days
• 1:01:11
  with convertible debt investors and then priced priced on the
• 1:01:16
  day it was announced that evening.
• 1:01:17
  So that's what I mean by two day marketing.
• 1:01:22
  Let's see, is the information available over Bloomberg?
• 1:01:25
  No, it's not. It's not until the company
• 1:01:27
  announces it. So again, only the people that
• 1:01:30
  they brought over the wall who get restricted.
• 1:01:32
  And you know, if you get restricted and you trade on it,
• 1:01:34
  there's legal repercussions if you if you do stuff like that,
• 1:01:38
  you trade on return on public information.
• 1:01:40
  You know, you have the SEC and Fenrir coming after you.
• 1:01:42
  So you don't want to do that, but that's what it means by
• 1:01:45
  getting restricted coming over the wall.
• 1:01:46
  And when you get over the wall like and you learn about a deal
• 1:01:50
  and you listen to it, you can either participate or not.
• 1:01:52
  But even, but if you decide not to participate, you can't trade
• 1:01:55
  on it. The only time that you can trade
• 1:01:57
  is after the deal was announced. And then, you know, obviously
• 1:02:01
  some guys get out there and start hedging their their
• 1:02:03
  convertible bond by shorting the stock.
• 1:02:07
  Why not a capped call this time? I think the company wanted the
• 1:02:10
  proceeds and they viewed the the previously they did a capped
• 1:02:14
  call which got the strike all the up to like 120.
• 1:02:18
  I think perhaps given that there was there's already this tap
• 1:02:22
  call out there, I don't know if there might not have been dealer
• 1:02:24
  capacity to do another large derivatives derivatives
• 1:02:28
  transaction with one already out there.
• 1:02:30
  So that's my guess. I think there may not have been
• 1:02:32
  capacity to do so. What will a battery consumption
• 1:02:37
  look like for service on current handheld devices?
• 1:02:39
  I think it's going to be pretty good.
• 1:02:41
  So one of the things that AST space followed by having a large
• 1:02:44
  phased array and fixed cells, the these satellites are able
• 1:02:48
  being done fixed cells, is that a satellite's going to be able
• 1:02:51
  to point on your phone for a fixed period of call it 877-8910
• 1:02:58
  minutes. And then you'll get handed off
• 1:03:00
  to somebody else and another satellite.
• 1:03:02
  So with that in mind, your, your, your power usage is not
• 1:03:10
  going to be that bad because it's, you're going to be fixed
• 1:03:13
  on a particular satellite. Now with Starlink, those beams
• 1:03:17
  are smaller and they're moving constantly.
• 1:03:19
  And so you're going to be connecting with multiple
• 1:03:21
  satellites over a period of, over that same period of 7 to 8
• 1:03:24
  minutes. And so you're going to have to
• 1:03:27
  go through the handover and, and cats, you can talk about this in
• 1:03:31
  more detail, but from what I understand, frequent handovers
• 1:03:34
  and searching for satellites that actually drains batteries
• 1:03:37
  quite a bit more. And so I think the way it should
• 1:03:42
  work is that you will have lower, you'll have more
• 1:03:46
  efficient battery usage using an ASD space mobile service versus
• 1:03:51
  Starlink to your phone. Let's see, is Iridium A
• 1:03:59
  worthwhile target for AST to pursue from a spectrum IT right
• 1:04:01
  standpoint? Is Kiper being boxed out of D to
• 1:04:04
  D globally in the need of ASD partnership?
• 1:04:08
  That's a good question. I mean, I think first of all
• 1:04:10
  Kiper is trying to get its initial consolation up for fixed
• 1:04:14
  wireless service. And so I think that's probably
• 1:04:16
  the biggest problem they want to tackle.
• 1:04:18
  It's they need to get a large number of satellites up in place
• 1:04:21
  trying to do that. And then you know, maybe them
• 1:04:24
  trying to work out some type of direct to device solution or
• 1:04:28
  partnership. At the same time, I think it's
• 1:04:30
  going to be tough, right, because you you actually need
• 1:04:33
  fixed wireless to start working and going first and that's going
• 1:04:36
  to generate cash flow and then go perhaps invest in something
• 1:04:39
  else. I think, and this is just me
• 1:04:43
  speculating, but I, I think given the the nature of
• 1:04:47
  friendship and working commercial working relationship
• 1:04:49
  between the Bell and Jeff Bezos, I'm guessing like there's
• 1:04:53
  probably a partnership there to work out.
• 1:04:54
  And we joke about like this whole congratulations for what?
• 1:04:59
  I mean, Yeah, I think I think they're working closely together
• 1:05:04
  and it's quite symbiotic. So I wouldn't be surprised if if
• 1:05:08
  Piper does develop some type of partnership in the future with
• 1:05:11
  AST. OK, let's see.
• 1:05:15
  Here's who's coming out there. What do you think of data
• 1:05:18
  centers in space? I think there's a lot of
• 1:05:21
  problems with that idea. I think it could make sense
• 1:05:24
  given the cooling requirements of data centers.
• 1:05:27
  And then also, you know, the amount of energy you're able to
• 1:05:31
  draw from something that's that's going to be out in space.
• 1:05:34
  I guess the issue is, is those things are huge and it's going
• 1:05:37
  to take a lot of it's really expensive to put stuff in space,
• 1:05:40
  especially where if you have a data center in space, and I
• 1:05:44
  haven't looked at this idea very closely, but if you have a data
• 1:05:46
  center in space, you probably want to have it way, way up in
• 1:05:50
  well beyond Geo, but you want it somewhere that's probably going
• 1:05:54
  to be fixed on the sun for for its entirety.
• 1:05:56
  It's not, you know, some of these videos where it shows like
• 1:05:59
  this data center that's really close to Earth, like that's
• 1:06:01
  never going to happen because in Leo, that thing would just get
• 1:06:05
  demolished by different things that are flying around.
• 1:06:09
  And you need, you'll need propulsion to keep that thing
• 1:06:12
  floating. But I think, and of course,
• 1:06:16
  like, since it's orbiting like, you know, it's, it's going to, I
• 1:06:19
  think ideally, and again, I'm not an expert on this, but you
• 1:06:21
  probably want to have it in, in the orbit that's really far out,
• 1:06:24
  that's going to be exposed in the sun.
• 1:06:26
  And getting to those orbits is really, really expensive.
• 1:06:30
  You know, just for example, on a Falcon 9 or Falcon Heavy, if you
• 1:06:34
  want to get to like really far out Geo type of orbits, then
• 1:06:39
  those are instance in a heavy payload.
• 1:06:40
  Those are instances where they those boosters are expended.
• 1:06:43
  Like they don't bring them back because it's it's it requires a
• 1:06:47
  lot of fuel. And once you're out there, then
• 1:06:48
  you're those things are stuck and you just get rid of them.
• 1:06:51
  But but yeah, I think data centers in space, like there's
• 1:06:54
  also some people talking about putting data centers on the moon
• 1:06:58
  And so, well, I think these are like conceptually cool and
• 1:07:01
  interesting ideas. I think there's a lot of
• 1:07:02
  problems with them, but who knows, maybe, maybe they'll get
• 1:07:05
  solved. OK, let me just see here,
• 1:07:16
  here's, let's see, we're in a under construction period after
• 1:07:20
  we have 60 satellites in the sky.
• 1:07:21
  When we see quarterly revenue, well, we're going to see
• 1:07:24
  quarterly revenue. Guess what, this quarter I
• 1:07:26
  forgot to cover it I guess Interesting.
• 1:07:29
  Interestingly as part of this offering the company of course
• 1:07:32
  they they pre announced their cash balance and some of and but
• 1:07:37
  they didn't give any. Typically they would give some
• 1:07:40
  level like capsule level of pre announce financials as part of
• 1:07:45
  this offering, but they didn't do it this time.
• 1:07:47
  And the reason why I think they didn't do that is because they
• 1:07:49
  want to surprise the market. That is, again, this is my own
• 1:07:51
  speculation, but this is going to be the first quarter of two
• 1:07:56
  quarters this year, third quarter and fourth quarter where
• 1:08:00
  the company had guided as we all know of 50 to 75 million in
• 1:08:03
  revenue. So I think they're going to
• 1:08:04
  probably they wanted to hold that information back for the
• 1:08:07
  quarterly call because it will be a Seminole event, right?
• 1:08:11
  I think because getting a mature amount of revenue from what the
• 1:08:16
  companies characterizes like gateway sales, but then also
• 1:08:19
  military, military work. I think it's going to be a great
• 1:08:23
  thing to talk about. And the market will, you know,
• 1:08:25
  you have all these these clowns who post these, these, these
• 1:08:30
  charts that would say, hey, these are the top, top market
• 1:08:34
  cap companies with no revenue today.
• 1:08:36
  And then AST, it was funny, I actually responded to one of
• 1:08:40
  those and I, I redid that chart where, yeah, AST doesn't have
• 1:08:43
  revenues today and it's got a 25 billion of our dollar market
• 1:08:47
  cap. But as we all know, investors
• 1:08:50
  value enterprises based off of future expectations, not on
• 1:08:53
  historical financial results, right?
• 1:08:54
  And so in that chart AST got put together with like Ocalo, you
• 1:09:00
  know, RMQS and these other companies and, and I repopulated
• 1:09:04
  that chart with market cap consensus research 20-30 revenue
• 1:09:10
  of EBITDA. And once you do that, the chart
• 1:09:12
  looks very different, right? Because AST in 20-30 is expected
• 1:09:16
  to generate over, you know, 5 1/2 billion of EBITDA and over 6
• 1:09:21
  billion of revenue versus like some of these quantum names that
• 1:09:25
  are going to do a few 100 million in revenue and maybe
• 1:09:28
  like 100 million of EBITDA in 20-30.
• 1:09:31
  So, so yeah, they're, they're yeah, I get it.
• 1:09:34
  Company doesn't generate revenues today.
• 1:09:35
  That's going to change this coming quarter.
• 1:09:37
  And when looking out in the future, they're one of these,
• 1:09:42
  you know, it's like the old Sesame Sesame Street little skip
• 1:09:47
  they would do where they show like 4 kids, 4 kids in the box
• 1:09:51
  and then or in boxes and and one kid would be or three kids, we
• 1:09:55
  jump roping and one kid might be eating a sandwich is like one of
• 1:09:57
  these is not like the other. And yeah, AST space mobile is
• 1:10:00
  not like the others on that on that chart, it is projected to
• 1:10:04
  do a substantial amount. I mean, just have probably one
• 1:10:07
  of the most historic levels of revenue growth and possibility
• 1:10:11
  if they execute them that this market has ever seen, right.
• 1:10:15
  And so there were some other companies on there like that.
• 1:10:19
  I I told Tut this gave him I took the hat that it or or
• 1:10:23
  Aurora like quantum scape and who was the other end like Joby.
• 1:10:30
  They actually have pretty good looking financial protections
• 1:10:33
  right for 20-30 relative to their market caps.
• 1:10:35
  And so funny enough, like Tut owns all the attractive ones on
• 1:10:39
  that chart. So anyway, but yeah, I that that
• 1:10:43
  is my plug for Tut. He's king.
• 1:10:45
  Tut is a is a great fall. Let's see if there's any other
• 1:10:49
  questions here. I think that's it.
• 1:10:55
  I hope you guys can hear me. Someone said that it sounds like
• 1:10:58
  I was cutting off. I don't see didn't get any
• 1:11:02
  messages. So you asked me that people can
• 1:11:04
  hear me. So I hope I hope you guys can
• 1:11:06
  hear me. But anyway, maybe I'll just wrap
• 1:11:08
  it up there. But yeah, an exciting day.
• 1:11:11
  I am going to go try to find that Iridium quote, which I
• 1:11:14
  think is probably kind of the maybe it's, it's, it's a, it's
• 1:11:22
  an example of the industry and, and it's, it's kind of a, a data
• 1:11:28
  or signal point of where we are. I'll try to find that net dash
• 1:11:31
  quote and I'll tweet it out. But but yeah, like I said
• 1:11:35
  before, times, times are changing and you want to be on
• 1:11:39
  the right side of history. And I think being investor in
• 1:11:42
  AC6 mobile, the future is bright.
• 1:11:44
  And over the next few weeks and months, there's going to be just
• 1:11:50
  a landslide of catalysts that are coming.
• 1:11:52
  And so I truly didn't mean it like when the company announced
• 1:11:56
  this convertible offering. Like it just made me way more
• 1:11:59
  bullish. And yeah, there's some like
• 1:12:00
  there's some volatility in hedging and of course, you know,
• 1:12:03
  the entire market and some of these floppy names sold off.
• 1:12:07
  But but I'm, I'm bullish, I'm bullish.
• 1:12:09
  I bought more. I'm looking forward to the next
• 1:12:12
  few weeks. I was down in My Portfolio
• 1:12:16
  several $1,000,000 from the top and that's fine.
• 1:12:20
  Like I'm not sweating it whatsoever.
• 1:12:22
  So anyway, I hope this is helpful.
• 1:12:24
  We'll look to connect again soon.
• 1:12:27
  And yeah, keep your eyes peeled. I think, I think there's going
• 1:12:29
  to be some big news coming. So take care everyone.
• 1:12:34
  Thanks for listening to the AST Space Mobile Podcast.
• 1:12:38
  If you enjoyed this episode and you'd like to help support the
• 1:12:40
  podcast, please share it with others, post about it on social
• 1:12:44
  media, or leave a rating and review.
• 1:12:46
  To catch all the latest news about AST Space Mobile, make
• 1:12:50
  sure to subscribe. Thanks again and I'll see you
• 1:12:53
  next time. We're doing something very, very
• 1:12:58
  big and acting with this technology, we can really affect
• 1:13:01
  a billion lives. AST Space Mobile is the only
• 1:13:04
  company that has proven technology to deliver several
• 1:13:09
  mobile connectivity directly from space to do everyday smart
• 1:13:13
  people will just basically turn their phone be seamless,
• 1:13:17
  regardless of where you are. We don't want the user even to
• 1:13:20
  know that it's connected by satellite.
• 1:13:22
  Our role is to bring this into reality always in partnership
• 1:13:26
  with the animals. Listen.
• 1:13:40
  Waffles.