424B5

AST SpaceMobile established an at-the-market offering to sell up to $500 million in Class A Common Stock through nine financial agents, with shares trading at $25.25 as of May 8, 2025. The company, which is developing a satellite-based cellular broadband network to provide 4G LTE/5G coverage directly to standard smartphones globally, has successfully completed testing with major carriers (AT&T, Verizon, Vodafone, Rakuten) using its five operational Block 1 satellites and is preparing to launch over 60 next-generation Block 2 satellites beginning in mid-2025 to enable commercial service in targeted markets. Management will retain discretionary use of proceeds, which will likely support satellite manufacturing and assembly, with the company expecting to recognize revenue from government contracts and gateway equipment sales while continuing pre-commercial service validation.