Why AST SpaceMobile Stock Is Plummeting Today
Shares of AST SpaceMobile (NASDAQ: ASTS) are tumbling on Friday, down 10% as of 3:00 p.m. ET. The move comes as the S 500 and Nasdaq Composite both gained 0.4%.
The space-based broadband provider announced a private offering that sparked dilution concerns.
The company announced that it is seeking to raise $500 million through a private offering. The convertible notes will be due in 2032, and initial purchasers will get the option to acquire another $75 million in notes. A direct offering of its common stock will be used to raise an additional $135 million in order to repurchase existing convertible notes.
Source Fool.com
