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  "documentTitle": "AST SpaceMobile, Inc. (ASTS)",
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      "text": "AST is among the most ambitious yet of its generation of zero-revenue SPACs, and we think its lofty ambitions of providing viable 4G-like mobile internet connectivity to the planet's cell phones will never come close to fruition.",
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      "text": "One of the touted benefits of SPACs is that they allow retail investors access to companies with exciting ideas far earlier in their development than a traditional IPO. In 2021, this clearly became abused, and SPACs increasingly became a way for truck companies without working trucks and rocket companies without working rockets to foist development risks that few institutional investors would ever underwrite onto a less sophisticated retail investor base. AST is among the most ambitious yet of its generation of zero-revenue SPACs, and we think its lofty ambitions of providing viable 4G-like mobile internet connectivity to the planet's cell phones will never come close to fruition.",
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      "text": "Source: AST investor presentation, December 16, 2020",
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      "text": "Appendix I: AST Network Architecture, User Interaction Example",
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