07:20 AM EDT, 06/25/2025 (MT Newswires) -- AST SpaceMobile ( ASTS ) said Wednesday it will repurchase $225 million of its convertible debt due in 2032 to help reduce interest costs.

In exchange, the company will sell about 9.45 million shares of its stock to the debt holders involved.

After the transaction, $235 million of the convertible debt will remain outstanding.

Both the debt buyback and the stock sale are cross-conditional and are expected to occur together around July 1, 2025.

ASTS shares were down more than 8% in premarket trading.