SCHEDULE: American Tower Sells AST SpaceMobile Shares

American Tower Corporation and its affiliate sold over 2.2 million shares of AST SpaceMobile Class A Common Stock for approximately $159.6 million.

Summary

• American Tower Corporation and ATC TRS II LLC (the "Reporting Persons") sold 2,288,621 shares of AST SpaceMobile, Inc. Class A Common Stock.
• The sale was executed on December 9, 2025, via a block trade with Barclays Capital Inc.
• The shares were sold at a price of $69.75 per share.
• The total proceeds from the sale amount to approximately $159,640,000.75.
• Following the sale, the Reporting Persons beneficially own 2,382,036 shares of Class A Common Stock, representing 0.84% of the outstanding Class A shares.
• This beneficial ownership includes 211,379 shares of Class A Common Stock and 2,170,657 common units (LLC Units) of AST & Science LLC, which are redeemable for Class A Common Stock on a one-to-one basis.
• The Reporting Persons also beneficially own 2,170,657 shares of Class B Common Stock, which carry voting rights but no economic rights and are forfeited upon redemption of LLC Units.

Sentiment

Score: 3

Explanation: The sale of a substantial number of shares by a key institutional investor like American Tower Corporation, reducing its stake significantly, typically signals a negative sentiment towards the issuer's near-term prospects or valuation from the seller's perspective. While it provides liquidity to American Tower, it could raise questions for other investors regarding AST SpaceMobile's future.

Positives

• American Tower realized significant cash proceeds of approximately $159.6 million from the sale of shares.
• The sale price of $69.75 per share indicates a potentially favorable valuation for the shares sold by American Tower.

Negatives

• The sale of a significant block of shares by a major institutional investor like American Tower could be perceived negatively by the market, potentially signaling a reduction in confidence or a strategic shift away from AST SpaceMobile.
• The reduction in American Tower's stake to 0.84% significantly diminishes its influence and economic interest in AST SpaceMobile.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding AST SpaceMobile's future operations or financial performance, as it primarily reports a change in beneficial ownership by an investor.

Management Comments

• The filing does not contain any notable quotes or paraphrased statements from company management of AST SpaceMobile or American Tower Corporation, beyond the certification of the filing by Rodney M. Smith, Executive Vice President, Chief Financial Officer and Treasurer of American Tower Corporation.

Industry Context

This transaction reflects a strategic decision by American Tower, a major infrastructure provider, to reduce its stake in AST SpaceMobile, a company focused on satellite-based cellular broadband. While the filing does not elaborate on the reasons, such divestments by large institutional investors can sometimes indicate a re-evaluation of investment strategy or a move to realize gains. The sale occurs amidst AST SpaceMobile's ongoing efforts to deploy its satellite constellation and expand its market presence in the space-to-cell connectivity sector, a nascent but potentially high-growth industry.

Comparison to Industry Standards

• The filing does not provide sufficient information to compare the results or the sale price to specific industry benchmarks or comparable companies. The sale is a specific transaction by an investor rather than an operational result of AST SpaceMobile.

Stakeholder Impact

• Shareholders: Existing shareholders of AST SpaceMobile may react negatively to the news of a major investor reducing its stake, potentially leading to downward pressure on the stock price. New investors might see an opportunity if the price dips.
• American Tower Corporation: The sale provides American Tower with significant cash proceeds, which can be used for other investments, debt reduction, or shareholder returns.

Key Dates

Recommendation

The significant reduction in American Tower's stake in AST SpaceMobile, selling over 2.2 million shares, is a strong negative signal. While American Tower may be realizing gains or rebalancing its portfolio, such a large divestment by a sophisticated institutional investor often suggests a diminished conviction in the issuer's future growth or valuation. This could lead to downward pressure on AST SpaceMobile's stock price as other investors may interpret this as a lack of confidence. Therefore, a seasoned investor might consider selling or reducing their position in AST SpaceMobile based on this information.

Keywords

AST SpaceMobile, American Tower, ATC TRS II LLC, Class A Common Stock, share sale, block trade, SEC filing, Schedule 13D/A, beneficial ownership, institutional investor