[Form 4] Sysco Corporation Insider Trading Activity

Rhea-AI Filing Summary

AST SpaceMobile (ASTS) files a preliminary 424(b)(5) prospectus to sell an unspecified number of Class A shares in a registered-direct placement and, in a separate Rule 144A deal, issue $500 million (plus $75 million option) of 2032 convertible senior notes.

Net equity proceeds will fund a $135 million cash repurchase of existing 4.25% 2032 converts; note and equity offerings are cross-conditional but independent. Cash as of 30 Jun 25 is estimated at $939.4 million; total debt is $278.6 million (incl. $235 million converts).

The company recently raised $488.7 million via an ATM program and repurchased $225 million of converts using a $502.9 million equity deal. It also issued 4.7 million penny warrants to Ligado and may pay future spectrum fees in stock.

ASTS expects to pay $550 million to Ligado/Inmarsat for long-term access to up to 45 MHz of U.S./Canadian L-band spectrum, backed by a non-recourse $550 million delayed-draw term loan, pending regulatory approval.

Operationally, five Block 1 satellites launched in 2024; >60 Block 2 launches are planned in 2025-26 to achieve continuous global direct-to-device coverage. The service has yet to generate recurring revenue; limited government and equipment sales have begun.

Key risks disclosed include significant capital needs, dilution, regulatory approvals and execution of the Ligado transaction.

Positive

• $939.4 million cash balance (30 Jun 25) provides substantial liquidity runway
• Concurrent $500 million convertible note and equity raise could add >$800 million gross capital
• Non-recourse $550 million credit facility shields parent balance sheet while funding spectrum rights
• Secured long-term access to up to 45 MHz mid-band spectrum, enhancing competitive position
• Government contracts (~$63 million) and equipment sales create initial revenue streams

Negative

• Equity issuance and penny warrants create significant dilution for existing shareholders
• Spectrum payments of $550 million plus ≥$80 million annual fees raise future cash burn
• Commercial service not yet launched; revenue visibility remains uncertain
• Execution risk on manufacturing and launching >60 Block 2 satellites in 2025-26
• Ligado transaction contingent on regulatory and bankruptcy court conditions; failure would disrupt spectrum strategy

Insights

Equity Analyst

TL;DR: Dilution offsets liquidity gain; outlook hinges on spectrum deal and satellite rollout.

The twin offerings add flexibility: ASTS could exit Q3-25 with >$1.3 billion gross cash if both tranches price, covering near-term satellite capex and the staged Ligado payments. However, the direct share sale (size TBD) comes atop 13.6 million ATM shares and 9.45 million prior equity shares, expanding the float and capping upside. Conversion of new and old notes, penny warrants and option grants represents further overhang. Execution risk on Block 2 manufacturing, FCC approvals and the 2025-26 launch cadence remains high. Liquidity is strong, but free-cash-flow breakeven is distant; equity investors face continued financing cycles.

Credit Analyst

TL;DR: Non-recourse spectrum loan limits parent risk; new converts rank senior unsecured.

The proposed $500 million notes lengthen maturity to 2032 and fund operations rather than refinancing, while the $550 million term loan sits at a spectrum SPV, insulated from ASTS credit. Cash proceeds plus capped-call costs leave adequate cushion, but leverage (net debt/EBITDA negative) remains optics-heavy until revenue generation. Noteholders gain customary put at fundamental change and 130% call hurdle after 2029; capped call should mitigate share dilution up to an estimated 100-120% premium.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bertrand Greg D

(Last) (First) (Middle)

1390 ENCLAVE PARKWAY

(Street)

HOUSTON TX 77077

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SYSCO CORP [ SYY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/22/2025		M(1)		40,000	A	$51.22	96,304.382	D
Common Stock	07/22/2025		S(1)		40,000	D	$80	56,304.382	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to buy)	$51.22	07/22/2025		M(1)			40,000	(2)	08/24/2027	Common Stock	40,000	$0(3)	39,918	D

Explanation of Responses:

1. The exercises and sales were effected pursuant to a Rule 10b5-1 trading plan.

2. Options are fully exercisable.

3. Options granted by the Compensation and Leadership Development Committee of the Company's Board of Directors pursuant to the 2013 Long Term Incentive Plan, as amended.

Remarks:

	/s/Boyd Chapin, Attorney-in-Fact	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much cash does ASTS have after recent financings?

Preliminary figures show $939.4 million in cash and restricted cash as of 30 Jun 25.

What is the size and purpose of the 2032 convertible notes ASTS plans to issue?

ASTS targets $500 million (plus $75 million option) in senior unsecured notes; proceeds fund capped calls and general corporate needs.

How will the equity proceeds be used?

Net proceeds will fund up to $135 million cash repurchase of existing 4.25% 2032 convertible notes.

What are the key terms of the Ligado spectrum transaction?

ASTS will pay $550 million and annual fees for 80-year rights to up to 45 MHz of L-band spectrum in the U.S. and Canada.

When does ASTS expect to begin continuous service?

Management targets launching >60 Block 2 satellites during 2025-26 to reach continuous coverage in major markets.

What ticker does ASTS trade under?

AST SpaceMobile Class A shares trade on Nasdaq as ASTS.