Why AST SpaceMobile Stock Finally Popped on Friday
After sliding lower all week long, shares of AST SpaceMobile (NASDAQ: ASTS) turned around and moved higher on Friday, gaining 5% through 10:45 a.m. ET. Why? Probably because of AST's 8-k filing with the SEC yesterday.
More limited in focus than a 10-K filing, an 8-K highlights news important to a company. In this case, AST wanted to emphasize what it said in a press release issued Wednesday: It has officially bought back all its stock warrants.
This isn't exactly a surprise. As I wrote last month, AST had already announced its intention to "redeem all of its publicly traded warrants to purchase shares of Class A common stock," requiring warrant holders to either exercise their warrants and pay $11.50 to convert each warrant into a new share of AST stock or allow AST to buy back those warrants for a mere penny apiece.
Source Fool.com
