08:03 AM EDT, 05/29/2024 (MT Newswires) -- Verizon Communications ( VZ ) said Wednesday that it has made a $100 million strategic investment in AST SpaceMobile to provide direct-to-cellular AST SpaceMobile service for Verizon customers.

The $100 million commitment includes $65 million in commercial prepayments, $45 million of which are subject to certain conditions, and $35 million worth of convertible notes.

"This partnership will enhance cellular connectivity in the United States, essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity," AST SpaceMobile Chief Executive and Chairman Abel Avellan said in a statement.

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