FWP

AST SpaceMobile raised approximately $346 million through a registered direct placement of 5.78 million shares at $60.06 per share on July 24, 2025, with settlement on July 31, 2025. Concurrently, the company issued $500 million of 2.375% convertible senior notes due 2032 (potentially $575 million with the greenshoe option) expected to net approximately $487 million, with $47 million allocated to capped call transactions. The company intends to use the equity offering proceeds to repurchase $135 million principal amount of its higher-yielding 4.25% convertible notes due 2032 for approximately $347 million total cost, effectively refinancing at a lower rate while managing dilution.