AST SpaceMobile (ASTS) said late Wednesday it intends to start a $400 million private offering of convertible senior notes due 2032.
Initial purchasers will have a 13-day option to buy additional notes for up to $60 million, according to the company.
Proceeds from the sale will be used for capped call transactions, working capital and general corporate purposes, including strategic transactions.
Shares of AST SpaceMobile were down more than 14% in after-hours activity.
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