Summary by Moomoo AI
AST SpaceMobile has entered into an Equity Distribution Agreement on September 5, 2024, establishing an at-the-market offering program to sell up to $400 million worth of Class A common stock. The program has a 3-year term and will be executed through multiple leading financial institutions including B. Riley Securities, Barclays Capital, BofA Securities, and others.Under the agreement, the sales agents will receive a commission of up to 3.0% of the gross sales price per share. The offering will terminate upon reaching the $400 million target, mutual termination by parties, or the third anniversary of the agreement. The company maintains flexibility with no obligation to sell shares and can suspend the offering at any time.The shares will be issued under the company's shelf registration statement on Form S-3, with a prospectus supplement filed on September 5, 2024. The program provides AST SpaceMobile with a flexible funding mechanism to raise capital as needed while maintaining market alignment.
