Verizon has signed a deal with AST SpaceMobile to provide cellular service from space beginning next year. Shares of AST SpaceMobile surged over 10% before the market opened. SpaceMobile’s network will operate on low-band spectrum and up to 1,150 MHz of partners’ spectrum globally. The financial terms of the agreement were not disclosed.

The agreement with AST SpaceMobile will extend Verizon’s premium low-band spectrum reach in the U.S. Abel Avellan, CEO of AST SpaceMobile, emphasized the benefits of space-based broadband technology. Verizon’s senior vice president highlighted the integration of terrestrial and space technology for universal connectivity. The deal follows Dan Schulman’s appointment as Verizon’s new CEO.

Former PayPal CEO Dan Schulman is now the CEO of Verizon, succeeding Hans Vestberg. Vestberg will serve as a special adviser until October 2026. Schulman, a Verizon board member since 2018, will take over immediately. Vestberg will continue as a Verizon board member until the 2026 annual meeting.

Read more at Yahoo Finance: Verizon teams up with AST SpaceMobile to provide cellular service from space