AST SpaceMobile Inc: Growth prospects remain but more delays

Research evidence excerpt

AST SpaceMobile Inc: Growth prospects remain but more delays

Barclays | AST SpaceMobile Inc

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Upside risks: AST gains more market share than

expected as telecoms favour it against players that will compete with telecom in other verticals, AST unique satellite enable it to maintain a

competitive edge for a longer period than expected and hence more pricing power. Downside risk: Early-stage company with limited operating history

and no revenues. Execution risk on building, launching and deploying the satellites. Larger and well funded competitors capture most of the market.

CEO owns 88% of the voting rights through ownership of Class C shares (10x voting rights).

Disclaimer:

This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates

(collectively and each individually, "Barclays").

It has been prepared for institutional investors and not for retail investors. It has been distributed by one or more Barclays affiliated legal entities listed

below or by an independent and non-affiliated third-party entity (as may be communicated to you by such third-party entity in its communications

with you). It is provided for information purposes only, and Barclays makes no express or implied warranties, and expressly disclaims all warranties of

merchantability or fitness for a particular purpose or use with respect to any data included in this publication. To the extent that this publication states

on the front page that it is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt

research reports prepared for retail investors under U.S.