09:58 AM EDT, 06/13/2025 (MT Newswires) -- (Updates to include the stock movement in the headline and first paragraph.)

AST SpaceMobile ( ASTS ) shares rose as much as 11.4% in recent Friday trading after the company said it has signed a settlement term sheet to advance its plan for long-term access to up to 45 megahertz of premium lower mid-band spectrum in the US and Canada for direct-to-device satellite applications.

The term sheet states that Inmarsat Global will support AST in obtaining long-term spectrum usage rights for 80 or more years held by Ligado Networks, as well as its planned regulatory applications in the US and Canada, AST said.

Ligado will receive $550 million upon the closing of the deal, with $535 million going to Inmarsat, AST said.

AST said it has secured a $550 million institutional financing commitment to support this consideration.

The term sheet supplements the definitive documentation entered into by AST and Ligado in March and is subject to court approval, which is expected before the end of this month, AST said.

Price: 40.03, Change: +3.11, Percent Change: +8.42