SCHEDULE: Rakuten Completes AST SpaceMobile Share Sale Plan

Rakuten Mobile, Inc. and Hiroshi Mikitani have completed their planned divestment of AST SpaceMobile, Inc. shares.

Summary

• Rakuten Mobile, Inc., Rakuten Group, Inc., and Hiroshi Mikitani have finalized the sale of their remaining shares under a pre-established trading plan.
• The reporting persons now beneficially own 15,510,078 shares of AST SpaceMobile, Inc. Class A Common Stock.
• This ownership represents approximately 5.3% of the total outstanding Class A Common Stock, based on 292,637,039 shares outstanding as of February 26, 2026.
• The completion of the trading plan marks the end of the specific series of open market transactions disclosed in this filing.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; while the completion of the selling plan removes uncertainty, the exit of a major strategic partner is a mixed signal for long-term investors.

Positives

• The completion of the trading plan provides clarity to the market regarding the end of Rakuten's selling pressure associated with this specific plan.

Negatives

• The divestment of shares by a major strategic partner and significant shareholder may be perceived as a reduction in long-term alignment or confidence.

Risks

• Potential market volatility resulting from the significant volume of shares sold in the open market between April 27, 2026, and May 5, 2026.
• The reduction in ownership by a key strategic partner like Rakuten could impact investor sentiment regarding the long-term partnership.

Future Outlook

The filing indicates that the trading plan has been completed and all sale shares have been sold, suggesting no further planned sales under this specific arrangement.

Management Comments

• The reporting persons expressly disclaim beneficial ownership of the shares of Class A Common Stock held by the other Stockholder Parties.

Industry Context

StockSavvy.ai notes that the reduction of equity stakes by strategic corporate partners in the satellite communications sector often signals a shift in capital allocation priorities rather than a fundamental change in the underlying technology or business viability.

Comparison to Industry Standards

• The divestment follows standard regulatory disclosure requirements for significant shareholders (greater than 5%) under SEC Schedule 13D rules.
• The use of a pre-arranged trading plan is a standard corporate governance practice to mitigate insider trading concerns during share liquidations.

Stakeholder Impact

• Shareholders may experience reduced selling pressure now that the trading plan is complete.
• Strategic partners may need to reassess the nature of the ongoing relationship with Rakuten.

Next Steps

• No further actions are specified as the trading plan is complete.

Key Dates

Recommendation

The completion of the share sale removes a known overhang on the stock price, but the reduction in stake by a major strategic partner warrants a cautious 'hold' until the long-term impact on the partnership is clarified.

Keywords

AST SpaceMobile, Rakuten, Schedule 13D, Share Sale, Divestment, Equity, Mikitani