1) $ASTS like every SPAC filed S-1 tonight to register 23M PIPE shares, 5.17M sponsor shares and 17.6M total public and private warrants. The SEC will take 30 days to review the S-1, it'll take 1-2 weeks to respond and go effective where the PIPE holders will be able to sell. 
2) $ASTS Remember PIPE investors have invested at $10 per share. 31% of the PIPE are long-term strategic investors American Tower, Bell Canada, Cisneros, Rakuten and Vodafone. 60% are hedge funds that are a combination of arbs and long/short strategies.
3) $ASTS Per the subscription agreement, PIPE investors were allowed to short and "box" their positions. Given the overall state of PIPE market and how many of these funds are hurting in other situations, I think most have shorted and got flat on their positions.
4) $ASTS When the S-1 finally does go effective in 45ish days, I don't expect much selling pressure to occur. The warrants will be exercisable in 30 days but as with all SPACs no one exercises them until they are redeemed - especially given that the strike is at $11.50.
5) $ASTS Finally no new primary shares are being issued here - NO DILUTION. This is just the registration of existing shares.
6) $ASTS I forgot to add that 5.17M NPA sponsor shares are locked up for a year (vs. customary 180 days) following the close of transaction. However if the stock is above $12 for any 20 of 30 trading days at least 150 days after closing, then NPA will be able to sell 1/3.
7) $ASTS ONE MORE IMPORTANT THING, Bell Canada is a strategic investor in the PIPE that was not previously disclosed. I would assume they'll likely be an announced @AST_SpaceMobile customer in the coming weeks/months.
8) $AST Sorry need to clarify one more point - PIPE investors were restricted from shorting shares until the deal closed. Once the deal closed, they can short and box their positions.
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