Since the end of Q2 AST has used up the ATM facility, this has resulted in an increase of 2,594,823 shares which will be included in the Q3 count.

As at the end of Q2 AST SpaceMobile had 266,661,635 outstanding and they were split across the following three classes as follows:

Share Class Number of Shares Difference to previous quarter
Class A 148,751,110 +10,597,800
Class B 39,747,447 0
Class C 78,163,078 0
Total 266,661,635 +10,597,800

Between Q1 and the end of Q2 there was a modest increase in outstanding shares, this was due to the company making use of the ATM facility as the share price increased. The ATM facility has resulted in proceeds of nearly $170m for the company.

There has been an increase of 5,186,078 of shares being held by insiders, strategic partners and institutions. During Q2 there was a churn of hedge funds/firms that took part in the last offering selling and shares being picked up by long only funds.

If we review the table below, there hasn’t been a huge change in ownership percentages which indicates there is still plenty of shares that will be purchased across the next year as discovery continues.

Type Q2 2024 Q1 2024 Change
Employee 31% 32% -1%
Strategic Partner 22% 22% 0
Institution 21% 20% 1%
SpaceMob 2% 1% 1%

There are 200,149,050 (Q1 – 194,962,972) shares owned by insiders, employees, strategic partners and institutions.

The SpaceMob continue to back the company strongly with nearly 5 million shares between 100 of us, increasing by over 1 million shares from Q1.

Type Q2 2024 Q1 2024 Change
Public Warrants 12,671,037 11,547,600 +1,123,437
Private Warrants 4,926,563 6,050,000 -1,123,437

There was an increase in public warrants due to over 1 million private warrants being converted.

AST recently just hit Day 14 over $18 meaning if they close over $18 for 6 days in the next 15 days they will be able to force the conversion of the warrants at a strike price of $11.50 per warrants.

With the recent conversion this would result in proceeds of roughly $145m for the company.

During Q2 there were several large increases, most notably by Invesco who purchased over 2 million shares in AST.

The top 5 increases were

Fund Shares Owned Increase
Invesco Ltd. 2,094,605 +2,060,584
Tidal Investments Llc 867,079 +867,079
Oppenheimer & Company Inc 798,472 +798,472
Citadel Advisors Llc 1,542,386 +795,533
Blackrock Inc. 8,572,134 +793,416

There were a few institutions who sold large positions in AST. For the second time No Street Group picked up shares in the offering before selling them in the next quarter. Polar Asset Management also trimmed their position which is now 75% lighter than it was at the peak.

The top 5 decreases in the quarter were

Fund Shares Owned Decrease
No Street Gp Lp 0 -2,500,000
Polar Asset Management Partners Inc. 502,170 -1,434,663
Northern Right Capital Management, L.p. 0 -921,748
Centiva Capital, Lp 0 -422,547
Two Sigma Investments, Lp 23,848 -295,758

At the end of Q2 2024 short interest in the company was 26,982,603 shares, despite a huge increase in the share price there hasn’t been much covering.

If the share price continues to increase, how long will shorts be able to hang on?

See below for a full list of the companies, funds, insiders and employees included in the calculation.