TAMPA, Fla. — AST SpaceMobile shares rose more than 8% to $49.76 Aug. 12 after the direct-to-smartphone operator said it has secured all the funding needed to deploy 45–60 satellites, enough to provide continuous coverage in the United States and other key markets.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...