Why Is ASTS Stock Falling Today?
Synopsis
AST SpaceMobile had announced a spectrum deal worth $46.5 million in August for frequencies capable of being used to offer mobile satellite services.
AST SpaceMobile Inc. (ASTS) shares tumbled nearly 14% in Monday’s pre-market session after SpaceX agreed to acquire spectrum from EchoStar Corp. (SATS) in a deal valued at $17 billion.
This comes after AST announced a spectrum deal worth $46.5 million in August, through the acquisition of an entity that owns certain S-Band priority rights to frequencies that can be used to offer mobile satellite services.
ASTS stock was down nearly 14% at the time of writing, while SATS stock was up around 21% in Monday’s pre-market session.
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