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AST SpaceMobile, Inc. (NASDAQ:ASTS) shares are trading lower Friday after the company announced the pricing of its $100 million public offering of Class A common stock.
The Details:
AST SpaceMobile has agreed to sell 32,258,064 shares of Class A common stock at a price to the public of $3.10 per share and has granted the underwriter a 30-day option to purchase up to an additional 4,838,709 shares at the public offering price.
The gross proceeds from the offering, before deducting underwriting discounts, commissions and other expenses, will be approximately $100 million or $115 million if the underwriter exercises its option to purchase additional shares in full.
AST SpaceMobile expects the offering to close on Jan. 23 and intends to use the net proceeds of the offering for general corporate purposes.
AST SpaceMobile shares are dropping on heavy trading volume following the pricing announcement. According to data from Benzinga Pro, more than 27.48 million shares have already been traded in the session, compared to the stock’s 100-day average of 2.298 million shares.
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ASTS Price Action: According to Benzinga Pro, AST SpaceMobile shares are down 25.5% at $3.10 at the time of publication.
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Posted In: ASTS
