Freshfields Advises AST SpaceMobile on $1.075bn Convertible Notes Offering

Freshfields advised AST SpaceMobile, Inc. (“AST SpaceMobile”) on its offering of $1.075 billion aggregate principal amount of 2.25% Convertible Senior Notes due 2036 (the “Notes”). The Notes include $75 million aggregate principal amount of Notes issued pursuant to the partial exercise of the initial purchasers’ option to purchase additional Notes. The Notes will be convertible into cash, shares of AST SpaceMobile’s Class A common stock, or a combination thereof, at AST SpaceMobile’s election.

AST SpaceMobile is building the world’s first and only space-based cellular broadband network accessible directly by everyday smartphones and designed for both commercial and government applications.

The Freshfields capital markets team consisted of partner Michael Levitt, counsels Jeffrey Gould and Tracy Zhang, and associates Alex Canahuate, Evelyne Kim, Lauren Lee, Thomas Jung, Ofek Galipoliti and Will Gu. Tax advice was provided by partner Claude Stansbury and counsel Jay Cosel. Counsel David Nicolardi provided regulatory advice in Washington.