Why the $ASTS old dilution and fund raise of 400m is not as bad as you think, (20% premium scenario):

1️⃣ Old convertible notes ($110M at $5.75) → ~19.13M shares = 6.6% dilution.

2️⃣ New $400M convertible debt (20% premium, $26.99 strike) → ~14.82M shares = 5.1% dilution.

3️⃣ Total dilution = ~33.95M new shares → 11.7% total dilution.

If ASTS stays flat on valuation, share price drops ~11.7%. Any lower could be an overreaction, its currently sitting at -14% post.
#ASTS