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AST SpaceMobile Inc (NASDAQ:ASTS) shares are falling in after-hours trading on Tuesday after the company announced a proposed private offering.
What To Know: AST SpaceMobile intends to offer $850 million of convertible senior notes due 2036 in a private offering to institutional investors. The company plans to grant the initial purchasers a 13-day window to buy up to an additional $150 million of the notes.
AST SpaceMobile expects to use the net proceeds to fund the deployment of its global constellation of satellites in anticipation of adding incremental strategic markets for its SpaceMobile Service.
In connection with the offering, AST SpaceMobile said it will repurchase with cash up to $50 million of its 4.25% convertible senior notes due 2032 from a limited number of holders of the existing notes.
AST SpaceMobile had $939.4 million of total cash, cash equivalents and restricted cash as of June 30.
Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For AST SpaceMobile, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
ASTS Price Action: AST SpaceMobile shares were down 7.26% in after-hours, trading at $72.90 at the time of publication on Tuesday, per Benzinga Pro data.
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Posted In: ASTS
