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On October 10, 2024, Rakuten Mobile completed a transaction acquiring 28,520,155 shares of AST SpaceMobile Class A Common Stock in exchange for AST Common Units previously held by Rakuten USA, while simultaneously canceling 28,520,155 Class B shares. This dilution of outstanding Class A shares reduced founder Abel Avellan's ownership percentage from a higher level to 28.1% of Class A Common Stock (though he maintains 78.8% voting control through Class C shares), with no transactions conducted by Avellan himself during the past 60 days.