I don't trade. I own. I've become a single thread guy recently, so just go with it while I think publicly about my investment in $ASTS.
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Big Tech has an M&A problem. They want to do it, but cannot do horizontal mergers anymore. They can do vertical integration or new businesses
2/ Here is the simple overview with a schematic from an $ASTS patent filing 
In what is literally what the halls of Twitter was saying, B. Riley states the obvious: 
2/ The 10K says simply that they are “continuing” the initial testing to achieve Cellular Broadband communications. This implies they have not yet achieved Cellular Broadband communications; “Cellular Broadband” refers to cellular communications at 4G LTE/5G speeds. 3G anyone? 
2/ While I had expected the next "event" to be a 'First Call' - which was pretty clearly disclosed in FCC filings (I'll keep the surprise so it maintains its full impact!), we might have an accelerated path to an unlock in the share price 
Remember that during the roadshow, management would have been giving presentations on a 1:1 basis and also setting the stage for revised messaging. B. Riley would be parroting that. So we read carefully. First tech risk: viewed as now basically gone 
I know the market is generally conditioned to go "OMG - they are raising equity." 
There is one question we are asking: did the bird spread its wings? Let’s put together the mosaic. The thing needs to be in orbit, controlled, unfurl, and then talk to a handset and relay that back to a terrestrial gateway. Let’s check off all these things 
All the subsidiaries filed. It's going to be a consolidated case that rolls up into one big process. 
These stocks fall to the event-driven crowd, at least at first. They are not yet mature enough or have large enough market caps for long-only's. These become the fodder for idea dinners and analysts relentlessly pitch each other their book until something happens. 
Quick aside, the other day I saw a sky blue Porsche Taycan Turbo S with the plates "MARSHIP" that had a SpaceX plate holder. To say SpaceX has been a place of wealth generation is an understatement. As well it should be. They should all be canonized for their achievement 
It's clear that satellite connectivity is quickly moving from the dust-bin of history when Iridium & GlobalStar, etc were promising technologies that failed to get product-market fit. There are a LOT of examples of loose analogues 
Investors generally own the calls, sold to them by hedged dealers. Dealers are short delta or basically fractional shares of stock, and short gamma, which means if the stock goes up, they are way shorter than they intended to be. To hedge, they owned more stock ahead of events
Some shareholders rightly wonder about the risk of dilution and whether there is an overhang. This is a valid concern and one I care about a lot. Let's just put this out into open air and have a little discussion
Let's look at how dispersion has occurred in the market since the "Age of Ebullience & Idiocy" we saw in 2021 to the "Age of Show Me" that we currently live in. It's the metaphorical low tide 
The bull case is that a) declining used car prices juice market volumes again and b) COVID disruptions go away, both of which go to driving operating leverage. A big operating snafu and de-leveraged margins created confusion whether the model was totally busted 
Successful launch should have been routine, but for a stock where so much sentiment is tied up in BW-3, anything that deviated from plan would have been taken out of context (never mind that $ASTS accrued all the IP and learning value from getting BW-3 through testing) 
$BBBY Company has $107.5MM of cash and ~$500MM of undrawn RC. There's a springing leverage covenant and they need borrowing base (don't see availability off hand). Can only squeeze so much by liening up WC and might get draw stopped. Expected to burn $160MM next six months 