$ASTS: AST Closes $460M Convertible Debt Deal

"This successful financing enables us to accelerate our mission of delivering the world’s first space-based cellular broadband network," said Abel Avellan, Founder, Chairman, and CEO of AST SpaceMobile. “With nearly $1 billion in cash on our balance sheet, we are now equipped to fast-track the production and launch of our revolutionary network.”

Scott Wisniewski, AST SpaceMobile President, added “The convertible offering was structured with an attractive 4.25% interest rate, significantly lower than previous debt funding, a seven-year maturity and an effective conversion price of $44.98 per share designed to minimize shareholder impact."