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AST SpaceMobile (ASTS) filed an 8-K to disclose two capital-raising moves and preliminary liquidity data. The company will: (i) launch a private offering of $500 million convertible senior notes due 2032 to Rule 144A buyers; and (ii) conduct a concurrent registered direct equity offering that will partly fund the repurchase of up to $135 million of its outstanding 4.25% convertible notes.

Balance-sheet snapshot (unaudited, 30 Jun 25):

• Cash, cash equivalents & restricted cash 鈮� $939.4 million
• Total debt 鈮� $278.6 million (of which $235 million convertible notes; $43.6 million subsidiary secured debt)

ATM program update: Between 13 May and 16 Jul 25 ASTS sold ~13.6 million Class A shares, generating $488.7 million in net proceeds and essentially exhausting the $500 million at-the-market facility, which was terminated on 23 Jul 25.

The new note offering will be paired with capped-call transactions designed to limit dilution upon conversion. None of the disclosures constitute an offer to sell securities.

Exodus Movement, Inc. (EXOD) filed a Form 4 on 7 July 2025 reporting a routine insider transaction by Chief Legal Officer Veronica McGregor.

Key details:

• Transaction date: 1 July 2025
• Type: Code F (shares withheld by issuer to satisfy tax on RSU vesting)
• Shares withheld: 3,026 Class A common shares
• Price used: $28.83 per share (closing price on vesting date)
• Post-transaction holdings: 256,876 Class A shares, comprising 110,792 vested shares plus 146,084 unvested RSUs that vest monthly through 2028

No open-market purchase or sale occurred; the transaction merely covers payroll taxes linked to previously granted RSUs. The filing therefore provides little directional insight into management鈥檚 view of EXOD鈥檚 valuation and is considered neutral for investors.

Barclays Bank PLC is offering $4.615 million of Market Linked Notes, Series A, linked to the S&P 500 Index and scheduled to mature on July 2, 2029. The product is a five-year, unsecured and unsubordinated debt security that forgoes periodic coupons in exchange for 100% participation in any positive Index performance, subject to a maximum return of 28.00% (maximum maturity payment of $1,280 per $1,000 note). If the Index is flat or declines, investors receive only the $1,000 principal, giving the notes a principal-return feature but no downside enhancement. All payments are exposed to the credit risk of Barclays and to potential statutory bail-in by U.K. regulators.

Key commercial terms

• Issue/Settlement: July 2 2025
• Pricing Date: June 27 2025  |  Calculation Day: June 27 2029
• Starting Level: 6,173.07  |  Ending Level: S&P 500 close on Calculation Day
• Upside Participation Rate: 100% to the 28% cap
• Principal Amount: $1,000; denominations in integral multiples of $1,000
• Estimated Value (issuer models): $961.50 — $38.50 below the $1,000 offering price
• Underwriting economics: $38.25 per note total selling concession/agent discount; net proceeds to Barclays $961.75 per note
• No listing; secondary liquidity, if any, expected to be limited to Barclays Capital Inc. checkpoint market

Cost, value and liquidity considerations: The embedded fees (3.825%) plus hedging and structuring costs create an initial fair-value discount for investors. Barclays may temporarily support secondary prices for roughly four months after issuance, but values thereafter will reflect market conditions and may trade below both the issue price and the $961.50 internal valuation.

Risk highlights

• No interim income; total return is deferred to maturity and capped
• Credit exposure to Barclays Bank PLC; potential principal write-down or conversion under U.K. Bail-in Power
• Taxed as contingent payment debt instruments; investors accrue OID-like interest annually without cash receipts
• Market, volatility and dividend omission risks inherent in an equity price-return index
• Absence of an active trading market may limit exit flexibility and price discovery

Investor profile: The notes suit investors who have a moderately bullish five-year view on the S&P 500, desire principal return at maturity, can tolerate capped upside, are comfortable with Barclays credit exposure and accept limited liquidity. They are not appropriate for investors seeking uncapped equity exposure, periodic income, or guaranteed secondary marketability.

AST SpaceMobile Director Ronald L. Rubin received a grant of 801 restricted stock awards on June 24, 2025. Following this transaction, Rubin beneficially owns a total of 71,239 shares of Class A Common Stock directly.

The restricted stock awards are subject to vesting conditions and will fully vest at the earlier of:

• One-year anniversary of June 6, 2025
• Date of the next annual meeting of stockholders following the grant date

The vesting is contingent upon Rubin's continued service through the applicable vesting date. The restricted stock awards were granted at a price of $0.00 per share, representing standard compensation for board service.

AST SpaceMobile (ASTS) director Johan Wibergh received a new grant of 801 restricted stock awards on June 24, 2025. Following this transaction, Wibergh now beneficially owns a total of 29,001 shares of Class A Common Stock directly.

The restricted stock awards are subject to the following vesting conditions:

• Full vesting occurs at the earlier of:
  • One-year anniversary of June 6, 2025, or
  • Date of the next annual stockholders meeting after the grant date
• Vesting is contingent on continued service through the applicable vesting date

The transaction was reported via Form 4 filing, with the shares acquired at $0.00 per share as part of the company's director compensation program.

AST SpaceMobile director Richard Sarnoff received a new grant of 801 restricted stock awards on June 24, 2025. Following this transaction, Sarnoff now beneficially owns a total of 78,239 shares of Class A Common Stock directly.

The restricted stock awards are subject to vesting conditions that will fully vest on the earlier of:

• One-year anniversary of June 6, 2025
• Date of the next annual meeting of stockholders following the grant date

The vesting is contingent upon Sarnoff's continued service through the applicable vesting date. The shares were granted at $0.00 cost basis, representing standard director compensation. This Form 4 filing was submitted in compliance with SEC regulations for insider trading disclosure.

AST SpaceMobile director Adriana Cisneros received a new equity grant on June 24, 2025, according to a Form 4 filing. The transaction involved the acquisition of 801 restricted stock awards at $0.00 per share, bringing her total direct beneficial ownership to 783,327 shares of Class A Common Stock.

The restricted stock awards are subject to a vesting schedule, with full vesting occurring at the earlier of:

• One-year anniversary of June 6, 2025
• Date of the next annual stockholders meeting following the grant date

The vesting is contingent upon Cisneros maintaining continued service through the applicable vesting date. This equity grant appears to be part of the company's director compensation program. The filing indicates no derivative securities transactions were reported.