ASTS rallies after 800m ATM offering

ASTS filed to sell up to $800 million in Class A common stock through an at-the-market (ATM) offering program. The company entered into an equity distribution agreement with 10 investment banks to serve as sales agents for the offering.

This news had investors thinking the stock would drop (and it did, briefly) but instead is up 3.5% on the day.

https://www.investing.com/news/stock-market-news/ast-spacemobile-stock-falls-after-filing-800-million-atm-offering-93CH-4274900