AST SpaceMobile Inc. (NASDAQ:ASTS) shares surged 3.85% to $73.40 after the bell on Wednesday following a Securities and Exchange Commission filing in which Japanese mobile network operator Rakuten Mobile Inc. disclosed that it had completed its pre-planned share sale, offloading approximately 4.5 million shares between Apr. 27 and May 5.
According to the SEC filing, shares were sold at prices ranging from $65.32 to $76.30. Rakuten continues to hold a 5.3% ownership stake in the satellite-to-phone company, amounting to about 15.5 million shares in total beneficial ownership.
Rakuten’s total proceeds from the sale amounted to approximately $392.3 million.
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