AT&T, Google and Vodafone US$110m convertible investment in AST SpaceMobile
Three of AST SpaceMobile's partners invested through ten-year subordinated convertible notes rather than shares.
- Company
- AST SpaceMobile
- Type
- Strategic investment
- Status
- Completed
- Date
- 16 Jan 2024
- Value
- US$110m
- Value basis
- US$110m of 5.50% subordinated convertible notes, convertible at US$5.75 a share
- Region
- US
- Segment
- Satellite operators
Parties
- AST SpaceMobile issuer
- AT&T investor
- Google investor
- Vodafone investor
Key terms
- Coupon
- 5.50%, cash or in kind at AST's option
- Term
- Ten years unless converted
- Conversion price
- US$5.75 a share, a 39% premium at signing
- Forced conversion
- From 16 Jan 2025 if the share price is at least 130% of the conversion price for 30 trading days
Sources
- AST SpaceMobile 8-K: Convertible Security Investment Agreement with AT&T, Google and Vodafone sec.gov · 18 Jan 2024
Record ORB-INV-2024-0022. Investments are kept apart from the financings register and never counted in debt totals.
