(Updates with recent stock movement in headline and first paragraph.)
AST SpaceMobile (ASTS) shares fell more than 18% in afternoon trading on Thursday after the company said late Wednesday it priced a private offering of $1 billion aggregate principal amount of 1.625% convertible senior notes due 2034.
The notes have an initial conversion price of about $79.57 per share of the company's class A common stock.
Initial purchasers an option to buy up to an additional $150 million aggregate principal amount of the notes.
The company expects net proceeds of about $983.6 million, or about $1.13 billion if the option is fully exercised, to fund growth initiatives, expand launch capacity, and pursue partnerships and acquisitions.
The offering is expected to close Monday.
Price: $54.20, Change: $-12.12, Percent Change: -18.27%