AST SpaceMobile Launches Offering Of 12 Mln Shares; Shares Slip 15%

(RTTNews) - Shares of AST SpaceMobile, Inc. (ASTS) slipped over 15% in extended session after the company launched a public offering of 12 million shares.

ASTS closed Tuesday's trading at $6.37, down $0.36 or 5.35%, on the Nasdaq. The stock further slipped $0.97 or 15.23% in the after-hours trading.

AST SpaceMobile launched a public offering of 12 million shares. The company intends to use the net proceeds of the offering for general corporate purposes, including expected cash payments related to launch services and related additional equipment and services in the third quarter of 2023.