Shares of AST SpaceMobile, Inc. (ASTS) slipped 13% on Thursday morning after the company announced the pricing of a $1.0 billion convertible senior notes offering.
The stock is currently trading at $83.85, down $13.07 or 13.49%, on the Nasdaq. The stock opened at $87.23 after closing Wednesday at $96.92. The stock has traded between $18.22 and $129.89 in the past 52-week period.
AST SpaceMobile priced $1.0 billion of 2.250% convertible senior notes due 2036 in a private offering to institutional investors, with an option for purchasers to buy an additional $150 million of notes. The initial conversion price is about $116.30 per share, representing a roughly 20% premium to the prior closing price.
The company expects net proceeds of about $983.7 million to support satellite deployment, AI-related opportunities, government space initiatives, debt reduction, and general corporate purposes.
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