Midland Development Corporation approved a $66 million performance-based incentive for AST SpaceMobile. The deal supports a new 400,000-square-foot satellite manufacturing facility in Texas. The project expects to create 1,800 jobs and generate $116 million in local property tax revenue over 30 years. Final approval from the City Council is still required.
ASTS shares rose 3% in premarket trading on July 21. The company also completed a $1 billion convertible notes offering to fund growth and secure launch capacity. An analyst upgraded the stock to strong buy the same day. The upgrade cites an improved financial position to accelerate satellite constellation deployment.