ASTS · AST SpaceMobile, Inc.

AST SpaceMobile raised $1.0 billion through a private placement of 1.625% convertible senior notes due 2034, settling on July 20, 2026. The notes carry a 1.625% coupon payable semiannually, mature February 1, 2034, and are convertible at the holder’s option under certain conditions (stock price triggers, trading price thresholds, or specified corporate events). The initial conversion rate of 12.5672 shares per $1,000 principal implies a conversion price of ~$79.57, a 20% premium to the $66.31 reference price. To reduce potential dilution, AST SpaceMobile entered into capped call transactions with initial purchasers/affiliates, paying $96.9 million. The caps set a maximum effective conversion price of ~$149.20 per share, a 125% premium over reference. Net proceeds after expenses and the capped call cost are ~$886.7 million. The company intends to use these funds for growth initiatives, including partnerships and acquisitions to vertically integrate and reduce reliance on third-party launch providers, though no specific agreements exist. The notes are unsecured, non-callable, and include a fundamental change repurchase feature at par plus accrued interest. The offering provides substantial flexible capital to accelerate AST SpaceMobile’s space-based cellular broadband network deployment.