SCHEDULE: Rakuten Mobile Initiates AST SpaceMobile Share Sale Plan

Rakuten Mobile has entered into a trading plan to sell up to 15.5 million shares of AST SpaceMobile, representing approximately 5.3% of the outstanding Class A Common Stock.

Summary

• Rakuten Mobile, Inc., Rakuten Group, Inc., and Hiroshi Mikitani filed an amendment to their Schedule 13D regarding their holdings in AST SpaceMobile, Inc.
• The reporting persons entered into a trading plan with BofA Securities, Inc. on April 14, 2026, to sell up to 15,510,077 shares of Class A Common Stock.
• The shares to be sold represent approximately 5.3% of the issuer's outstanding Class A Common Stock and roughly half of Rakuten's total holdings.
• The reporting persons collectively beneficially own 26,080,155 shares, representing 8.9% of the class.
• The filing notes that Hiroshi Mikitani resigned from the Board of Directors of the issuer effective January 13, 2026.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a negative development for the issuer, as it signals a major strategic partner is reducing its equity stake and board representation.

Positives

• The sale is being conducted through a structured trading plan, which provides transparency and orderly execution of the divestment.

Negatives

• The divestment of approximately half of Rakuten's holdings in AST SpaceMobile may be perceived as a reduction in long-term strategic commitment to the issuer.
• The resignation of Hiroshi Mikitani from the Board of Directors indicates a reduced level of direct influence and oversight by the major shareholder.

Risks

• Market volatility could impact the execution price of the shares under the trading plan.
• There is no assurance that the full number of shares authorized under the trading plan will be sold.
• The sale of a significant block of shares (5.3% of outstanding stock) could exert downward pressure on the share price.

Future Outlook

The reporting persons have established a trading plan to divest up to 15,510,077 shares of the issuer's Class A Common Stock, representing approximately half of their current holdings, through open market transactions.

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 this divestment by a major strategic partner like Rakuten, combined with the resignation of their representative from the board, suggests a potential shift in the strategic partnership dynamics within the satellite-to-mobile industry.

Comparison to Industry Standards

• The use of a Rule 10b5-1 style trading plan is a standard industry practice for major shareholders to divest positions while mitigating insider trading concerns.
• The scale of the divestment (5.3% of outstanding shares) is significant and typical of a major strategic investor rebalancing their portfolio.

Management Changes

Stakeholder Impact

• Shareholders may experience increased volatility due to the ongoing sale of a large block of shares.
• The reduction in Rakuten's stake may signal a change in the long-term strategic relationship between the two companies.

Next Steps

• Execution of share sales by BofA Securities under the Trading Plan.
• Potential future filings of Form 4 to report individual sales transactions.

Key Dates

Recommendation

The divestment by a major strategic partner and the loss of board representation warrant a cautious 'hold' approach until the market absorbs the selling pressure and the long-term strategic implications of the partnership change are clarified.

Keywords

AST SpaceMobile, Rakuten Mobile, Schedule 13D, Divestment, Trading Plan, Hiroshi Mikitani, BofA Securities