By Connor Hart
Shares of AST SpaceMobile fell after the space-based broadband company said it plans to offer $400 million in convertible senior notes.
The stock declined 14%, to $19.42, in after-hours trading Wednesday. Shares ended the regular session down 2.6%, to $22.49, putting them up 630% in the past 52 weeks.
The Midland, Texas, company said after the bell it has set up a $400 million private offering to institutional buyers, which would include an option to purchase up to an additional $60 million in notes.
The final terms of the notes will be determined when the offering gets priced.
The company said it intends to use a portion of the net proceeds from the offering to pay the cost of capped call transactions, as well as for working capital or other general corporate purposes.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 22, 2025 18:29 ET (23:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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