Form 4: Rakuten Group Sells 3.04M AST SpaceMobile Shares

Rakuten Group and Hiroshi Mikitani have reduced their stake in AST SpaceMobile through the sale of over 3 million shares.

Summary

• Rakuten Mobile, Inc., a subsidiary of Rakuten Group, sold a total of 3,040,000 shares of AST SpaceMobile Class A Common Stock.
• The sales occurred over two days: 1,690,000 shares on April 14, 2026, and 1,350,000 shares on April 15, 2026.
• The shares were sold at weighted average prices of $91.42 and $86.22 per share, respectively.
• Following these transactions, the reporting entities retain beneficial ownership of 27,980,155 shares.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a neutral-to-negative event, as the exit of a major strategic shareholder often signals a reduction in long-term commitment, despite the potential for the sale to be purely for internal liquidity.

Positives

• The sale generated significant liquidity for the reporting entities, totaling approximately $270.8 million in proceeds.

Negatives

• The divestment by a major 10% owner and strategic partner may be perceived as a lack of long-term confidence or a shift in strategic alignment.
• The reduction in ownership stake decreases the influence of Rakuten Group over AST SpaceMobile's corporate governance.

Risks

• Large-scale selling by a significant shareholder can exert downward pressure on the stock price.
• Market perception of the sale may lead to increased volatility in ASTS shares.

Future Outlook

No specific forward-looking guidance regarding future sales or strategic partnership changes was provided in this filing.

Industry Context

StockSavvy.ai notes that divestments by major strategic partners in the satellite-to-phone sector often trigger market speculation regarding the future of the underlying commercial partnership, though such sales are frequently driven by the partner's own internal capital allocation requirements.

Comparison to Industry Standards

• Large-scale insider or major shareholder selling is common in high-growth tech sectors as early investors seek to realize gains after significant stock appreciation.
• The sale volume represents a notable but not total exit, consistent with institutional rebalancing strategies.

Related Party Transactions

• The shares were held by Rakuten Mobile, Inc., a wholly-owned subsidiary of Rakuten Group, Inc., where Hiroshi Mikitani serves as Chairman and CEO.

Stakeholder Impact

• Shareholders may experience increased price volatility due to the significant volume of shares sold into the market.

Next Steps

• Market participants will monitor future Form 4 filings to determine if Rakuten intends to continue reducing its position.

Key Dates

Recommendation

Investors should maintain a hold position until the market absorbs the selling pressure and further clarity is provided regarding the ongoing strategic relationship between Rakuten and AST SpaceMobile.

Keywords

AST SpaceMobile, ASTS, Rakuten, Insider Selling, Form 4, Equity Divestment