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  "documentTitle": "AST SpaceMobile, Inc. (ASTS)",
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      "text": "None of the members of senior management have sufficient experience in the design, construction, operation, financing and large-scale manufacturing of phased-array LEO satellites.",
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      "text": "AST has burned through shareholder capital at an alarming rate since coming public. Despite originally claiming that its $400m+ in cash proceeds would be sufficient to fund operations, it now needs to raise additional capital.",
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      "text": "Prior to AST, Avellan was the founder and CEO of Emerging Markets Communications... None of the members of senior management have sufficient experience in the design, construction, operation, financing and large-scale manufacturing of phased-array LEO satellites.",
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      "text": "AST was taken public via a SPAC merger with New Providence Acquisition in August 2021 at a pro forma equity valuation of $1.8bn. Like other NewSpace SPACs, AST has massively underperformed projections.",
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      "text": "On September 10, AST launched its 1,500kg BW3 test satellite. Over the next 2 weeks it will undergo in-orbit testing and begin unfurling a 64 square meter phased array antenna.",
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      "text": "SEC Form 10-Q, page 16.",
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