The reaction of the iron-molybdenum cofactor with thiolate and the redox behavior of the iron-molybdenum cofactor-thiolate complex have been studied by 19F NMR using p-CF3C6H4S- as the reporter ligand. These experiments give results different from those produced by other methods which have been performed near 4 K rather than at ambient temperature. Specifically, these data show that the iron-molybdenum cofactor-thiolate complex is not the product of an irreversible reaction. Rather, the complex is in dynamic equilibrium with the free iron-molybdenum cofactor and free thiolate. Models of the reactions of nitrogenase may need to take this temperature-dependent difference into account because the lability of the iron-molybdenum thiolate bond means its making and breaking could be involved in substrate binding or reduction. The 19F NMR results reported here also show that the S = 3/2 state of the iron-molybdenum cofactor-thiolate complex can be easily and reversibly oxidized by one electron. However, electron exchange between the oxidized and reduced states of the complex is quite slow at approximately 1 mM. Based on low temperature spectroscopic studies, the oxidized iron-molybdenum cofactor-thiolate complex was expected to be diamagnetic. Isotropically shifted NMR spectra of the oxidized cofactor samples at 240-320 K, however, indicate at least partial population of a paramagnetic state, possibly with S = 1.