AST SpaceMobile prices $1B convertible notes; shares slide

AST SpaceMobile priced a private offering of $1.0 billion of 1.625% convertible senior notes due 2034 on July 15, with an initial conversion price of about $79.57 per share, a capped-call cap near $149.20, and a 13-day option for up to $150 million more; settlement is expected around July 20. The satellite-to-smartphone company said it will use proceeds to fund growth initiatives and secure additional access to orbit for its BlueBird constellation. ASTS shares fell more than 17% as investors weighed the added dilution.