AST SpaceMobile (ASTS) shares plunged 12.72% in after-hours trading on Wednesday, following the company's announcement of plans to offer $400 million in convertible senior notes due in 2032.
The proposed private offering to qualified institutional buyers aims to raise fresh capital for the satellite communications firm. The convertible notes will be senior unsecured obligations, with interest payable semi-annually. They will also be convertible into cash, AST SpaceMobile's Class A common stock, or a combination thereof at the company's election.
Investors appeared to be spooked by the potential dilution risk posed by the convertible debt offering. If noteholders eventually convert their debt into shares, it could dilute the ownership stake of existing AST SpaceMobile shareholders. The announcement also raises concerns about the impact of interest payments on the company's cash flows, given its pre-revenue stage.
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