SCHEDULE: Rakuten Reduces Stake in AST SpaceMobile

Rakuten Mobile, Inc. and Hiroshi Mikitani have disclosed the sale of 5.06 million shares of AST SpaceMobile, Inc. 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 sold a total of 5,060,000 shares of Class A Common Stock between April 17, 2026, and April 24, 2026.
• The sales were executed via a pre-established trading plan in open market transactions.
• Following these transactions, the reporting persons maintain beneficial ownership of 21,020,155 shares, representing approximately 7.2% of the issuer's outstanding Class A Common Stock.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as slightly negative due to the significant reduction in ownership by a major strategic partner, which may signal a change in the long-term commitment of a key stakeholder.

Positives

• The divestment was conducted through an orderly, pre-established trading plan, minimizing market disruption.
• The reporting persons retain a significant 7.2% equity stake, indicating continued, albeit reduced, alignment with the company.

Negatives

• The sale of over 5 million shares represents a significant reduction in the position held by a major strategic partner.
• The divestment may be perceived by the market as a lack of long-term confidence or a need for liquidity by the Rakuten Group.

Risks

• Continued selling pressure from a major shareholder could negatively impact the share price.
• The reduction in ownership by a key strategic partner may signal a shift in the collaborative relationship between Rakuten and AST SpaceMobile.

Future Outlook

The filing does not provide specific forward-looking guidance regarding the issuer's operations, but notes that the sales were conducted pursuant to a pre-existing trading plan.

Management Comments

• The reporting persons disclaim beneficial ownership of shares held by other Stockholder Parties.
• Hiroshi Mikitani maintains voting and investment discretion over the shares held by Rakuten Mobile.

Industry Context

StockSavvy.ai notes that divestments by strategic partners in the satellite-to-mobile sector often trigger volatility, as these partners are frequently viewed as long-term validators of the underlying technology and business model.

Comparison to Industry Standards

• The use of a 10b5-1 style trading plan is standard practice for institutional investors to avoid allegations of insider trading during divestments.
• The reduction of a stake by a strategic partner is common in the satellite industry as companies reach commercialization milestones and partners rebalance their capital allocation.

Related Party Transactions

• The reporting persons are Rakuten Mobile, Inc., Rakuten Group, Inc., and Hiroshi Mikitani, who maintain a strategic relationship with the issuer.

Stakeholder Impact

• Shareholders may experience increased price volatility due to the significant volume of shares sold.
• The reduction in Rakuten's stake may impact market perception of the strategic partnership between the two companies.

Next Steps

• Continued monitoring of further 13D filings to determine if the reporting persons intend to divest their remaining 7.2% stake.

Key Dates

Recommendation

While the sale is significant, it was executed via a pre-planned trading program, suggesting it is a liquidity event rather than a reaction to negative fundamental news. Investors should hold until the impact of the reduced strategic alignment is clarified.

Keywords

AST SpaceMobile, Rakuten, Schedule 13D, Insider Selling, Equity Divestment, Satellite Communications