Ast Spacemobile, Inc. has announced the preliminary results of its redemption of all outstanding publicly traded warrants to purchase shares of class A common stock. Based on the preliminary results, 13,581,996 public warrants were exercised for cash at an exercise price of $11.50 per share, representing approximately 99.89% of the outstanding public warrants. This left a total of 260,987 public warrants unexercised as of the redemption date.
Following the redemption, the public warrants ceased trading on the NASDAQ and were delisted, with the trading suspension announced on September 27, 2024. The class A common stock, however, continues to trade on the NASDAQ under the symbol "ASTS."
It's worth noting that the company had no public warrants outstanding after the redemption date. The final results will be available following the expiration of the broker protect period at 5:00 p.m. New York City time on October 1, 2024.
This move by Ast Spacemobile is part of its larger mission to build the first and only global cellular broadband network in space, designed to operate directly with standard, unmodified mobile devices, and aimed at eliminating connectivity gaps faced by billions of mobile subscribers worldwide. As a result of these announcements, the company's shares have moved 3.3% on the market, and are now trading at a price of $26.15. If you want to know more, read the company's complete 8-K report here.
