AST SpaceMobile Inc ASTS shares are trading lower Wednesday after the company announced a public offering.
AST SpaceMobile has agreed to sell 13,636,364 shares of its common stock to the public for $5.50 per share. The company also granted the underwriter a 30-day option to purchase up to an additional 2,045,454 shares.
The offering is expected to close on Dec. 2. The gross proceeds are expected to total approximately $75 million.
AST SpaceMobile is building a global cellular broadband network in space to operate directly with mobile devices. The company intends to launch a low Earth orbit constellation of BlueBirds that would provide cellular broadband from space across the globe.
ASTS Price Action: AST SpaceMobile has a 52-week high of $14.27 and a 52-week low of $4.84.
The stock was down 9.62% at $5.73 at time of publication, according to Benzinga Pro.
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