Cramer Flags AST SpaceMobile’s $1 Billion Convertible, Warns of Stock Pressure

He says the financing could spur convert‑arbitrage that pressures the common shares.

Overview

AST SpaceMobile offered $1 billion in private convertible notes, with a 2.25% coupon cited in Cramer's remarks as reported.
The company also offered roughly 2 million shares at about $78, raising dilution concerns.
Cramer labeled the stock speculative and told viewers, “no, thank you.”
He outlined a typical hedge‑fund approach in such deals in which investors buy the convert and short the common, which can push the stock lower.
Recent commentary highlighted multi‑year losses and about $677 million in negative free cash flow over the past 12 months.