AST SpaceMobile Prices Public Offering Of About 32.26 Mln Shares At $3.10/shr; Stock Down

(RTTNews) - AST SpaceMobile Inc. (ASTS) announced the pricing of its public offering of its Class A common stock, par value $0.0001 per share. The company has agreed to sell about 32.26 million shares of Class A Common Stock at a price to the public of $3.10 per share.

ASTS closed Thursday's regular trading at $4.16 down $0.12 or 2.80%. In the after-hours trading, the stock further dropped $0.37 or 8.89%.

The company has granted the underwriter a 30-day option to purchase up to an additional 4.84 million shares of Class A Common Stock at the public offering price, less the underwriting discounts and commissions.

The company noted that the gross proceeds to the company from the offering, before deducting underwriting discounts, commissions and other offering expenses, will be approximately $100 million or $115 million if the underwriter exercises its option to purchase additional shares in full.

The company plans to use the net proceeds of the offering for general corporate purposes.

The offering is expected to close on January 23, 2024.