** AST SpaceMobile shares down 8.8% in overnight trading to $88.41 as it seeks capital raise

** Midland, Texas-based firm announces private offering of $1 bln convertible bonds (CBs) due Apr 15, 2036

** It intends to use net offering proceeds for general purposes, including accelerating deployment of controlled spectrum bands on a global basis, enhancing investment in government space opportunities in the U.S., reducing higher interest debt, and pursuing opportunistic investments to accelerate its SpaceMobile service

** Co also unveils concurrent direct stock offerings to repurchase up to $300 mln of its existing CBs due 2032

** UBS acting as placement agent and financial advisor for stock placements

** With ~362 mln shares outstanding, ASTS has about $35 bln market cap

** ASTS shares on Weds closed up 0.7% at $96.92. Stock up 33% YTD and has more than tripled over the past 12 months

** ASTS backers include Alphabet, AT&T and Vodafone

** Avg rating of 10 analysts is "hold"; median PT $85.44, per LSEG data