05:22 PM EST, 01/22/2025 (MT Newswires) -- AST SpaceMobile ( ASTS ) said late Wednesday it intends to start a $400 million private offering of convertible senior notes due 2032.

Initial purchasers will have a 13-day option to buy additional notes for up to $60 million, according to the company.

Proceeds from the sale will be used for capped call transactions, working capital and general corporate purposes, including strategic transactions.

Shares of AST SpaceMobile ( ASTS ) were down more than 14% in after-hours activity.