SCHEDULE: American Tower Sells Significant AST SpaceMobile Stake

American Tower Corporation and ATC TRS II LLC have significantly reduced their stake in AST SpaceMobile, Inc. by selling over 2.2 million Class A shares.

Summary

• American Tower Corporation and ATC TRS II LLC (the "Reporting Persons") filed an Amendment No. 1 to their Schedule 13D, updating their beneficial ownership in AST SpaceMobile, Inc.
• The Reporting Persons sold an aggregate of 2,288,621 shares of AST SpaceMobile, Inc. Class A Common Stock on December 9, 2025.
• The sale was executed through a block trade with Barclays Capital Inc. at a price of $69.75 per share.
• Following this transaction, the Reporting Persons beneficially own 2,382,036 shares of Class A Common Stock.
• This remaining beneficial ownership represents 0.84% of the total outstanding Class A Common Stock.
• The beneficial ownership is comprised of 211,379 direct shares of Class A Common Stock and 2,170,657 common units of AST & Science LLC (LLC Units), which are redeemable for Class A Common Stock on a one-to-one basis.
• The percentage of class calculation is based on an aggregate of 282,230,456 shares of Class A Common Stock outstanding, which includes shares reported in the Issuer's November 2025 10-Q and subsequent registered direct offerings.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative due to a significant institutional investor reducing its stake, which can be interpreted as a lack of conviction or a strategic exit, potentially signaling concerns about the company's future prospects or valuation.

Positives

• The sale generated significant capital for American Tower Corporation and ATC TRS II LLC, totaling approximately $159.7 million, at a price of $69.75 per share.

Negatives

• A substantial reduction in stake by a major institutional investor like American Tower Corporation could be perceived as a negative signal regarding their long-term outlook on AST SpaceMobile.
• The divestment represents a decrease in American Tower's direct financial commitment and potential influence over AST SpaceMobile.

Risks

• The market may react negatively to a significant institutional shareholder reducing its stake, potentially leading to downward pressure on AST SpaceMobile's stock price.
• The sale could raise questions among other investors about the Reporting Persons' confidence in AST SpaceMobile's future prospects or valuation.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding AST SpaceMobile's future performance or operations.

Industry Context

The divestment by American Tower, a major infrastructure provider, could signal a strategic re-evaluation of its investment in the satellite-to-cell technology space or a reallocation of capital. While not directly impacting AST SpaceMobile's operational strategy, such a move by a significant partner might be watched by other industry players and investors for broader implications on the satellite communications market and the viability of direct-to-device connectivity.

Comparison to Industry Standards

• This filing reports a specific share transaction by an institutional investor and does not contain operational or financial results that can be directly compared to industry benchmarks or specific comparable companies/projects.
• The sale price of $69.75 per share can only be assessed against AST SpaceMobile's historical stock performance and market valuation at the time of the transaction.

Stakeholder Impact

• Shareholders: May react negatively to a major institutional investor reducing its stake, potentially leading to downward pressure on the stock price.
• Management: May face increased scrutiny regarding the company's strategic direction and investor relations following a significant divestment by a key partner.

Next Steps

• The filing does not explicitly mention any future actions, events, or milestones for AST SpaceMobile or the Reporting Persons beyond the reported transaction.

Key Dates

Recommendation

While a significant institutional investor reducing its stake can be a negative signal, the filing itself does not provide new fundamental information about AST SpaceMobile's operations or future prospects. The sale price of $69.75 per share is a historical transaction. Investors should hold and monitor for further operational updates or strategic announcements from AST SpaceMobile to re-evaluate their position, rather than making an immediate decision solely based on this ownership change.

Keywords

AST SpaceMobile, American Tower, ATC TRS II LLC, Schedule 13D/A, Share Sale, Block Trade, Beneficial Ownership, Class A Common Stock, SEC Filing, Institutional Investor