Jim Cramer Says “No, Thank You” to AST SpaceMobile

AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the stocks Jim Cramer put under the spotlight recently. Cramer called it an “intriguing cellular broadband play,” as he said:

“Now, here’s a stock that though it’s up more than 200% for the year, it’s at $71 and change, it’s still down more than 30 points from its high just six days ago. I’ve been warning people that you have to start bailing when you see big financings like we had at the end of the dot-com era. Sure enough, AST SpaceMobile, an intriguing cellular broadband play, just offered $1 billion in convertible notes and 2 million shares at $78 and change. It’s lost money for the last five years, with a $677 million in negative free cash flow for the last 12 months. I say no, thank you.”

AST SpaceMobile, Inc. (NASDAQ:ASTS) builds and operates the BlueBird satellite network. The company delivers space-based cellular broadband that connects directly to standard smartphones.

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Disclosure: None. This article is originally published at Insider Monkey.