Ben

@JacobKeeton20 Always appreciate your insights and thoughts on the Space Stocks weekly. Got me through many long commutes. Lessons learned can severely hurt, but you’ll be better as you learn from them. Praying for some mental (and physical) peace as you transition to what comes next.

I am stepping away from X I got wiped out... completely. My own fault was basically gambling at the end... no crying in the casino, right? Just wanted to put it out there that the space/investing community on X is amazing and thanks for all the memories! Felt special being a small part of it.

@spacanpanman T-Mobile providing their nationwide 678-704MHz/728-734MHz spectrum to the JV that buds against the already leased nationwide AT&T 700Mhz spectrum would be the first shoe to drop I would expect.

$ASTS: Interesting aspect about the AT&T, Verizon and T-Mobile Joint Venture. The structure should enable T-Mobile to leverage AT&T's and Verizon's existing definitive commercial agreements with AST SpaceMobile. In exchange for equity and access, T-Mobile will invest cash and certain IP, and contribute to certain spectrum licenses. When the JV goes definitive, if you see T-Mobile contributing any 600-900MHz lowband spectrum you'll know exactly why. STAY FOCUSED™️

@1MoreSmithHere @Defiantclient2 Great breakdown! Still think we’ll see the JV provide 600Mhz (TMo/ATT), 700Mhz (ATT/FirstNet), 800Mhz (ATT/VZ)+ Grain. Fully believe ATT has big plans for WCS B30 (+Sirius joining??) over the next couple of years that will allow aggregation from carrier provided spectrum.

$ASTS AT&T/Verizon/T-Mobile JV and the Patchwork Problem/Solution D2D Satellite capacity will likely be the scarce resource (i.e. valuable) in the value chain of delivering D2D service. You can only beam so many beams to earth at once from a satellite. So, how do you maximize that scarce resource? You maximize the amount of spectrum that each beam can use. One problem you are then presented with is that spectrum in the US is often licensed to a myriad of MNOs in a way that represents a “patchwork” or “mosaic” when you zoom out on the map, such as when you look at AWS, AWS-3, and PCS spectrum bands. If the MNOs want to maximize the value they receive from AST, and any other D2D operators, it benefits everyone (D2D providers included) to maximize the size of the spectrum blocks available to D2D operators. That is where the elegance of the Joint Venture solution shines. By being able to pool this patchwork of spectrum licenses, D2D operators (i.e. AST) will be able to maximize the bandwidth/speeds being delivered to the MNO’s subscribers, maximizing value.

@mikeddano @malleven33 I travel the US and the 0 bar/1 bar case is much *much* more than 2% for all the carriers, Mike. Did you really think a telecom CEO would say their coverage map isn’t as accurate (truthful) as they claim? C’mon man.

"AT&T CEO John Stankey framed satellite direct-to-device as a “corner case” solution for the 2% of traffic AT&T can’t reach with its terrestrial network" via @malleven33 fierce-network.com/wireless/att-b…

BlueBirds 8, 9, and 10 are now fully deployed to their full size, each the world's largest communications arrays operating in Low Earth Orbit. We invented a new way to design, manufacture at scale, deploy, and fly lightweight composite stackable architecture combined, with the world's largest and most advanced direct- to-device and radar phased-array with the ability to launch them in groups of 3, 5, 6, or 8 on a single launch. Our BlueBird platform brings together high-performance space-based cellular broadband with peak data rates approaching 200 Mbps, space AI edge computing, and many mission-critical government applications, all on one platform where the largest-ever size matters! BlueBirds 11, 12 and 13 are already at the Cape preparing for their imminent launch. BlueBirds 14, 15 and 16 are right behind them. Production has already moved through satellite 42. All of this is happening in Texas. 🤠🇺🇸📶🌎📱

BlueBirds 9 and 10 are now successfully deployed in orbit. Two more of the world's largest commercial communications arrays have joined our growing constellation. Another step closer to the future of cellular broadband from space. With BlueBirds 11, 12, and 13 at Cape Canaveral preparing for their imminent launch, and production advancing through spacecraft 41, we continue to execute at scale. Innovation in orbit. Execution in motion. 🌎📶📱🇺🇸 #ASTSpaceMobile #Broadband #ConnectingtheUnconnected #BlueBirds

@kingtutcap But..it’s not 10am yet Tut :/

Had to do it

@peter_adderton @PMatarangas That wasn’t even one of the 9 he asked about, Peter. Nor was it ASTS’ fault for being placed in the wrong orbit. Yikes.

@PMatarangas @BenF0wler Was trying to be funny clearly didn't work The satellite was deployed into an orbit that was too low to sustain operational use, making it impossible for its on-board thrusters to correct.

All those AST SpaceMobile fanboys who bookmarked my posts calling AST overvalued probably won't be needing those bookmarks anytime soon.😂 As I've said all along, this is likely to remain a two-horse race on a very small racetrack until the satellite players can explain how they plan to capture the other 98% of the wireless market that's currently owned by the mobile operators. I'm not the smartest person on X, but I am a realist. I absolutely believe satellite connectivity has the potential to change how consumers buy and experience connected devices and services. But the telecom industry isn't an easy business to disrupt. Success won't come from satellites alone it will require deep partnerships with companies that understand mobile networks, customer acquisition, billing, AI, and seamless connectivity. That's where companies like @mobileXus come in. The future isn't satellite or terrestrial. It's a platform that makes both work together so seamlessly the customer never has to think about it.

@peter_adderton I always wonder why I comment on your posts when you’ve clearly done 0 research in the company you troll against lol. Here’s a good start- note the word “seamless”. Not sure it can be spelled out more for you, but I’m sure we’ll have to try harder for you to understand

NEWS FLASH.......That's not the AST SpaceMobile model. ASTS is building satellite infrastructure and selling it to MNOs. The operator remains at the center of the customer relationship. The bigger opportunity, in my view, is a global connectivity platform that intelligently combines terrestrial, satellite, Wi-Fi, and other networks into one seamless customer experience. In that model, the customer chooses the platform, not the underlying network. Hope this help you finally understand ASTS business model, you are welcome.

@peter_adderton “The worst part about these market-wide drawdowns is when guys like you decide to ignore the whole market, pinpoint one company with your tunnel vision, and then proceed to proclaim the absolute dumbest take I've seen in weeks on this platform” - @DefinitionsNew said it best.

@BenF0wler Explain how then ?

$ASTS: $1B convert is priced with 1.625% coupon and capped call, raising the effective conversion price to $149.20 or 1.5% potential dilution. AST SpaceMobile Announces Pricing of Private Offering of $1.0 Billion of Convertible Senior Notes Due 2034 (Effective Conversion Price of $149.20 per Share with Capped Call) Business Wire MIDLAND, Texas -- July 15, 2026 AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, designed for both commercial and government applications, today announced the pricing of $1.0 billion aggregate principal amount of 1.625% convertible senior notes due 2034 (the “Notes”) in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The sale of the Notes to the initial purchasers is expected to settle on July 20, 2026, subject to customary closing conditions. Key Elements of the Transaction: $1.0 billion 1.625% convertible senior notes due 2034, which have an initial conversion price of approximately $79.57 per share of AST SpaceMobile’s Class A common stock, which represents a premium of approximately 20.0% over the last reported sale price of AST SpaceMobile’s Class A common stock on July 15, 2026. Capped call transactions entered into in connection with the pricing of the Notes have an initial cap price of $149.20 per share of AST SpaceMobile’s Class A common stock, which represents a premium of 125.0% over the last reported sale price of AST SpaceMobile’s Class A common stock on July 15, 2026. Option to Purchase Additional Notes: AST SpaceMobile also granted the initial purchasers of the Notes in the Notes Offering an option to purchase, for settlement within a 13-day period beginning on, and including, the first date on which the Notes are issued, up to an additional $150.0 million aggregate principal amount of Notes. Use of Proceeds: AST SpaceMobile estimates that the net proceeds from the Notes Offering will be approximately $983.6 million (or approximately $1,131.2 million if the initial purchasers’ option to purchase additional Notes is exercised in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by AST SpaceMobile. AST SpaceMobile intends to use $96.9 million of the net proceeds from the Notes Offering to pay the cost of the capped call transactions described below. AST SpaceMobile intends to use the remaining net proceeds from the Notes Offering to pursue an expanding universe of growth initiatives and secure additional access to orbit for its space-based cellular broadband network, including partnerships and/or acquisitions to further vertically integrate its business and mitigate risks associated with third-party launch providers. AST SpaceMobile currently does not have any understandings or agreements with respect to any such strategic transactions. If the initial purchasers exercise their option to purchase additional Notes, AST SpaceMobile expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions with the option counterparties (as defined below), with the remainder of the net proceeds to be used as described above. Additional Details of the Notes: The Notes will be senior, unsecured obligations of AST SpaceMobile. The Notes will accrue interest at an annual rate of 1.625%, payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2027. The Notes will mature on February 1, 2034, unless earlier converted or repurchased. Prior to the close of business on the business day immediately preceding November 1, 2033, noteholders will have the right to convert their Notes only upon the satisfaction of specified conditions and during certain periods. On or after November 1, 2033 and until the close of business on the second scheduled trading day immediately preceding February 1, 2034, noteholders may convert their Notes at any time regardless of these conditions. The initial conversion rate will be 12.5672 shares of AST SpaceMobile’s Class A common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $79.57 per share of AST SpaceMobile’s Class A common stock, which represents a premium of approximately 20.0% over the last reported sale price of $66.31 per share of AST SpaceMobile’s Class A common stock on the Nasdaq Global Select Market on July 15, 2026), subject to adjustment in certain circumstances. AST SpaceMobile will settle conversions of Notes by paying or delivering, as the case may be, cash, shares of AST SpaceMobile’s Class A common stock, or a combination thereof, at AST SpaceMobile’s election. The Notes will not be redeemable at AST SpaceMobile’s option prior to the maturity date, and no sinking fund is provided for the Notes. Noteholders will have the right, subject to certain conditions and exceptions described in the indenture governing the Notes (the “indenture”), to require AST SpaceMobile to repurchase for cash all or a portion of their Notes upon the occurrence of a fundamental change (as defined in the indenture) at a purchase price of 100% of their principal amount plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date. In addition, following certain corporate events that occur prior to February 1, 2034, AST SpaceMobile will, in certain circumstances, increase the conversion rate for a noteholder who elects to convert its Notes in connection with such corporate events. Capped Call Transactions: In connection with the pricing of the Notes, AST SpaceMobile entered into capped call transactions with certain of the initial purchasers of the Notes or affiliates thereof and other financial institutions (the “option counterparties”). The capped call transactions cover, subject to customary adjustments, the number of shares of AST SpaceMobile’s Class A common stock initially underlying the Notes. The capped call transactions are expected generally to reduce the potential dilution to AST SpaceMobile’s Class A common stock upon any conversion of Notes and/or offset any cash payments AST SpaceMobile is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $149.20 per share, which represents a premium of 125.0% over the last reported sale price of AST SpaceMobile’s Class A common stock of $66.31 per share on the Nasdaq Global Select Market on July 15, 2026, and is subject to certain adjustments under the terms of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, AST SpaceMobile expects the option counterparties or their respective affiliates will enter into various derivative transactions with respect to AST SpaceMobile’s Class A common stock and/or purchase shares of AST SpaceMobile’s Class A common stock concurrently with or shortly after the pricing of the Notes, including with, or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of AST SpaceMobile’s Class A common stock or the Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to AST SpaceMobile's Class A common stock and/or purchasing or selling AST SpaceMobile’s Class A common stock or other securities of AST SpaceMobile in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during the 20 trading day period beginning on the 21st scheduled trading day prior to the maturity date of the Notes, or, to the extent AST SpaceMobile exercises the relevant termination election under the capped call transactions, following any repurchase or conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of AST SpaceMobile’s Class A common stock or the Notes, which could affect a noteholder’s ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the number of shares, if any, and value of the consideration that a noteholder will receive upon conversion of its Notes. The Notes are only being offered and will only be sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the Notes nor the shares of AST SpaceMobile’s Class A common stock potentially issuable upon conversion of the Notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, such registration requirements. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the Notes or any shares of AST SpaceMobile’s Class A common stock potentially issuable upon conversion of the Notes and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. About AST SpaceMobile AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, designed for both commercial and government applications. Our engineers and space scientists are on a mission to enable 4G and 5G space-based cellular broadband to every device, everywhere, for today’s nearly 6 billion mobile subscribers globally. Forward-Looking Statements This communication contains “forward-looking statements” that are not historical facts, including statements concerning the completion of the Notes Offering, the potential effects of entering into the capped call transactions, and the expected use of the net proceeds from the Notes Offering. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “potential,” “will,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Such risks include, but are not limited to, whether AST SpaceMobile will consummate the Notes Offering, prevailing market conditions, the anticipated principal amount of the Notes, which could differ based upon the exercise of the initial purchasers’ option to purchase additional Notes, the anticipated use of the net proceeds from the Notes Offering, which could change as a result of market conditions or for other reasons, whether the capped call transactions described above will become effective, the effects of entering into these transactions, and the impact of general economic, industry or political conditions in the United States or internationally. AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile’s Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 2, 2026, its Form 10-Q for the fiscal quarter ended March 31, 2026 filed with the SEC on May 11, 2026 and the future reports that it may file from time to time with the SEC. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. businesswire.com/news/home/2026…

@thekookreport I look in the mirror and remember I survived/held/added through 2022-2024 and that I can survive this too

Sentiment check on $ASTS

@spacanpanman At $60s the timing is a head scratcher. Am I drinking too much of the kool-aid believing they needed additional capital for *something* imminent even though the disclosure says AST does not have any understandings or agreements with respect to any such strategic transactions

$ASTS: I'll do a X space this evening to discuss the implication of this convert, which are many. Net of the call spread transaction, there's probably 5.7-7M shares to hedge for convert arbs assuming they buy 80% of the deal. I'm a big buyer here.

@thekookreport You’re being way too kind, Kook

@BenF0wler He’s a parasite

Now time to f-ing scale this. Time to build multiple shells. Time for T-Mobile. Time for Golden Dome. Time for J-LEO. It's time to gas it. $ASTS

@TMFAssociates Can you start a consulting business where people can pay you *not* to speak? People who have followed your advice on this company from the beginning would have lost so much money.

A great demonstration of how utterly inefficient AST is at building satellites. They need more factory space and more workers to try (and repeatedly fail) to build 6 satellites per month than Starlink has to build ~10 satellites *per day* in Redmond

@1MoreSmithHere You’re my favorite Smith, btw. Thank you for all you contribute

$ASTS This supplement filed by AST in response to some requested information about their 900MHz STA is interesting. Interesting what IS and what ISN'T redacted in the submission. As a reminder, STA is for testing, evaluating, demonstrating radiolocation capabilities for SDA.

@elonmusk @yacineMTB Have you mentioned AST Spacemobile on here, once, yet? Are you committing to launch additional satellites for competitors in the D2D space?

I was clearly wrong about Anthropic. They are obviously currently the leader in AI. No company has released a model as good as Mythos/Fable and they will undoubtedly have Mythos 2 ready soon. And I would never cut them off in a way that hurt them badly, even as a competitor. That’s not my style. Tesla open sourced its patents and we made the Supercharger network available to all competitors, even though we could have made it a walled garden. SpaceX launches competing satellite systems with no increase in price or use of unfair terms. Even my worst enemies can attack me on this platform. …

SpaceXAI now has a legitimate frontier model that competes with opus 4.8. Also, Anthropic is completely reliant on the compute rented from SpaceXAI If Elon wanted to kill anthropic, he could. Iirc the compute lease was short term, 6 months from May without renewal promise. GG