New York, Feb 13, 2026, 16:04 EST — After-hours
- ASTS steadied Friday, recouping some ground following Thursday’s selloff triggered by financing news.
- The company’s funding mix is getting a shakeup as it launches a fresh convertible bond sale alongside simultaneous equity placements.
- Settlement dates, along with a U.S. market holiday, may leave trading choppy heading into next week
AST SpaceMobile (ASTS) clawed back 0.3% to $82.45 late Friday, following a punishing selloff the session before as traders reacted to new financing details and worries about possible dilution. Shares changed hands in a range from $80.33 to $84.95 during the day.
Right now, these moves count for AST, which remains mid-build on its satellite network aiming to link regular phones from low Earth orbit. It’s a cash-intensive project. Investors usually hit hard on anything resembling fresh share supply, cash or not.
This week’s bundle combines fresh convertible debt and stock offerings aimed at taking out older convertible notes. It tidies up certain parts of the balance sheet. Still, some overhang could stick around as investors angle for the paper to clear.
AST has set the price on $1.0 billion of 2.250% convertible senior notes maturing in 2036, according to the company. Settlement lands on Feb. 17. The notes start with a conversion price around $116.30 per share, and AST expects net proceeds of roughly $983.7 million. Buyers have a window until Feb. 20 to pick up an additional $150 million in notes. (Business Wire)
The company, in twin SEC filings, revealed a pair of registered direct share placements at $96.92 a share: one block of 4,475,223 shares for roughly $433.7 million gross, another 1,862,741 shares for about $180.5 million. Both deliveries are slated for around Feb. 20. AST intends to direct the proceeds, alongside its current cash, toward buying back $250 million in principal of 2.375% convertibles due 2032 for $433.7 million cash and $46.5 million principal of 4.25% convertibles due 2032 for $180.5 million cash. The filings noted that noteholders participating in the repurchases could buy or sell stock, or adjust derivatives, to manage their exposure. (SEC)
Convertible notes are bonds with the option to swap into shares later on—typically once the stock climbs past a predetermined conversion price. As these notes are issued or repurchased, both holders and banks tend to hedge their exposure by trading the underlying stock. That activity alone can stir up pressure and volatility in the share price, regardless of any shifts in the company’s fundamentals.
In a separate SEC filing tied to the financing, AST provided an early look at 2025 numbers—unaudited, for now. Revenue lands somewhere between $63 million and $71 million, while operating expenses stretch from roughly $355 million up to $363 million. Cash and restricted cash stood at about $2.78 billion at the end of the year. Total consolidated debt, $2.264 billion. The company also gave investors an update on share sales through its at-the-market program.
Still, the disclosure flagged a big caveat: AST could be forced to secure a hefty amount of new funding to keep its deployment and expansion plans moving. Building out a fleet of more than 90 Block 2 satellites? That’s estimated at $21 million to $23 million each on average. The document also cited risks around regulation, execution, and the competitive pressure coming from names like SpaceX’s Starlink and Iridium.
AST is still spotlighting its engineering milestones. After the company finished deploying its BlueBird 6 satellite earlier this month, CEO Abel Avellan called it “the result of specialized American manufacturing combined with world-class engineering ingenuity.” (Business Wire)
Another twist: the calendar. With U.S. markets shuttered on Monday for Presidents Day, traders’ attention swings to Tuesday, eyeing settlement for the new notes and lining up equity and repurchase deals scheduled for later in the week. (Nasdaq)
Right now, ASTS faces a short-term hurdle: will the financing overhang disappear after these deals close? Once that’s out of the way, the bigger challenge returns—launch pace and proving it can shift heavy upfront spend into steady service revenue.
