ASTS · investment memo
UNIDENTIFIED, declared by the memo. The screen's 14.1% was an 'industry median of mature profitable peers' applied to a company with no product revenue - the ADMA/INOD construction - and is rejected. No terminal margin is asserted; a 5%-30% grid is run instead.
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
A daily close below $39.77 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Not stated. This name has no falsifiable invalidation conditions on file, so it cannot be risk-monitored. That is a gap in the research, not a clean bill of health — recorded rather than hidden.
Named cause: a financing gap at a moment when the equity cannot absorb it. ASTS_Trade_Construction.md §4. This is the one name in the cluster where a going-concern case must be argued explicitly, and it is.