AST SpaceMobile Inc (NASDAQ:ASTS) shares are trading higher. The company on Monday announced preliminary results of its public warrants redemption.

What Happened: AST SpaceMobile announced the preliminary results of its redemption of all of its outstanding publicly traded warrants issued in 2019.

AST SpaceMobile said approximately 13.58 million public warrants were exercised for cash at an exercise price of $11.50 per share, representing approximately 99.89% of all outstanding warrants. 260,987 warrants remained unexercised as of the redemption date.

AST SpaceMobile's public warrants have been delisted and ceased trading on the Nasdaq. The final results of the warrant redemption are expected to become available on Oct. 1.

AST SpaceMobile shares are up more than 325% since the start of the year, largely driven by the company's definitive commercial agreement with AT&T in May to provide a space-based broadband network direct to everyday cell phones. The two companies were previously working together under a Memorandum of Understanding. The agreement from May extends the collaboration until 2030.

Earlier this month, AST SpaceMobile announced the successful launch of its first five commercial satellites. The satellites are expected to offer non-continuous cellular broadband service across the U.S., and in select markets globally.

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ASTS Price Action: AST SpaceMobile shares were up 6.04% at $26.85 at the time of publication, according to Benzinga Pro.

Photo: courtesy of AST SpaceMobile.