Summary by Futu AI
AST SpaceMobile's Chairman and CEO Abel Avellan has entered into a variable prepaid forward contract through a special purpose vehicle (SPV) for personal financial planning on November 20, 2024. The non-dilutive transaction covers approximately 3.2% of Avellan's total holdings and less than 1% of the company's total Class A common stock outstanding.The forward contract, scheduled to settle in January 2026, involves up to 2.5 million shares with a floor price of $18.24 and a cap price of $34.20 per share. The SPV has the option to settle in cash, and Avellan retains voting rights over the pledged Common Units and can benefit from stock price appreciation up to the cap price.Notably, Avellan, who has not received any salary compensation since the company's formation over three years ago, maintains a 78.7% voting interest through ownership of 78.1 million shares (on an as-converted basis). He has expressed confidence in the company's prospects, emphasizing that this transaction affects only a small portion of his holdings.
