AST SpaceMobile Down After Public Offering

Shares of AST SpaceMobile (NASDAQ: ASTS) were down by more than 8% in pre-market trading on Wednesday after the satellite designer and manufacturer priced its public offering of 13.64 million Class A common shares at a price of $5.50 per share.

The gross proceeds from this offering are likely to be around $75 million and the offering is expected to close on December 2.

Shares of ASTS have tanked more than 30% in the past year.