On July 16, AST SpaceMobile fell 11.16% in pre-market trading, trading at approximately $59.25/share, with turnover of $5.51 million.

The decline was triggered by the company announcing a planned private offering of $1 billion in convertible senior notes due 2034, with initial buyers granted a 13-day option to purchase up to an additional $150 million in notes. The announcement reignited existing shareholder concerns over equity dilution.

According to company disclosures, a portion of the proceeds will fund capped call transactions designed to reduce potential dilution, with the remainder earmarked for growth initiatives and securing additional orbital access for its space-based cellular broadband network, including possible partnerships or acquisitions. The company reported approximately $2.7 billion in cash and restricted cash as of June 30. Notably, Chairman and CEO Abel Avellan's controlled entity had previously filed to sell 2.5 million shares worth approximately $183 million, compounding dilution concerns. In February, the company announced a similar $1 billion convertible note issuance that also triggered a selloff.

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