Promise versus reality: AST SpaceMobile told shareholders a financing had been completed with “minimal dilution,” yet the complaint alleges that $3.0 billion of convertible notes followed in nine months and ASTS stock price faltered as a result.

NEW YORK, Sept. 23, 2026 /PRNewswire/ — Levi & Korsinsky, LLP notifies investors in AST SpaceMobile, Inc. (NASDAQ: ASTS) that a class action has been filed on behalf of shareholders who purchased securities between March 4, 2025 and July 15, 2026. Find out if you might be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

ASTS closed at $55.01 on July 16, 2026, a single-session decline of $11.30 per share, or 17.04%. Those wishing to serve as lead plaintiff must act by November 13, 2026.

The Promise

On March 3, 2025, the Company told shareholders it had “completed a carefully structured financing transaction with minimal dilution to current shareholders,” citing “nearly $1.0 billion in cash” on a pro forma basis and described itself as positioned to lead the direct-to-device satellite industry. Ten weeks later, the Company projected an “expected second half 2025 revenue opportunity of $50.0 million to $75.0 million.”

The Reality

Between October 21, 2025 and July 15, 2026, AST announced three separate convertible senior note offerings of $1.0 billion each, $3.0 billion in aggregate principal, the complaint alleges. Results revealed a different commercial picture as well: a January 6, 2026 Scotiabank downgrade to Sell described the Company as “[w]ithout yet a single retail customer.”

Promise vs. Actual: By the Numbers

• Promised “minimal dilution to current shareholders” in March 2025. Actual: $3.0 billion of convertible notes announced across October 2025, February 2026, and July 2026.
• Promised a second half 2025 revenue opportunity of $50.0 million to $75.0 million. Actual: no retail customer base identified by analysts as of January 2026, per the complaint.
• Promised cash “sufficient” to fund operations for the next 12 months in successive SEC filings. Actual: three billion-dollar capital raises within nine months.
• Promised a durable competitive lead in direct-to-cellular service. Actual: UBS cut its price target to $43.00 from $62.00 on September 8, 2025, citing Starlink’s $19 billion EchoStar S-Band spectrum acquisition, and lowered its 2030 revenue estimate to $3.0 billion from $3.6 billion.

“Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. Here, the complaint alleges shareholders were told a financing was structured with minimal dilution, and then watched three billion-dollar convertible note offerings reach the market in nine months.” — Joseph E. Levi, Esq.

What the Lawsuit Alleges About the Gap

The action contends that the distance between what was projected and what was delivered was not a matter of changing conditions, but of capital requirements and adoption trends that were allegedly known internally while public statements pointed the other way. Purchasers during the Class Period are alleged to have bought at prices that did not reflect those facts.

Click here to submit your information and learn more about the case or call (212) 363-7500.

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Frequently Asked Questions About the ASTS Lawsuit

Q: What specific misstatements does the ASTS lawsuit allege? A: The complaint alleges AST SpaceMobile, Inc. made materially false or misleading statements regarding the sufficiency of its capital and liquidity position and the durability of its competitive position in the satellite direct-to-cellular market during the Class Period. When the Company announced a third $1.0 billion convertible senior note offering on July 15, 2026, the stock price declined sharply.

Q: When did AST SpaceMobile allegedly mislead investors? A: The Class Period runs from March 4, 2025 to July 15, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.

Q: What court was the ASTS class action filed in? A: The case was filed in the United States District Court for the Western District of Texas, Midland/Odessa Division, governed by the Private Securities Litigation Reform Act of 1995.

Q: What do ASTS investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if my ASTS losses are small — is it still worth contacting a lawyer? A: Yes. There is no minimum loss amount required to participate as a class member.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

Q: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

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