FWP

AST SpaceMobile raised approximately $160.2 million through a registered direct offering of 2,048,849 shares priced at $78.61 per share on October 21, 2025, with settlement on October 29, 2025. Concurrently, the company issued $1 billion in 2.00% convertible senior notes due 2036 (potentially $1.15 billion with the greenshoe option), generating approximately $981.9 million in net proceeds for satellite constellation deployment and strategic market expansion. The company used proceeds from the stock offering along with cash on hand to repurchase $50 million principal amount of its higher-cost 4.25% convertible notes due 2032 for approximately $161.1 million, refinancing at a lower rate while managing its debt structure.