AST SpaceMobile Shares Surge 33% After AT&T Deal
By Ben Glickman
Shares of AST SpaceMobile popped late Wednesday after the company reached a deal to provide satellite broadband to AT&T phones.
The stock was up 33% to $3.18 in after-hours trading, following a 4.8% drop at the close. Shares were down about 60% this year through the close.
The companies said that they would work together to develop and improve technology to allow for satellite coverage of the continental U.S.
AST SpaceMobile said it was continuing advanced discussions with other strategic partners, and did not disclose the terms of the commercial deal with AT&T.
AST SpaceMobile said it was on track for July or August delivery of five satellites to Cape Canaveral, and that discussions with regulators, including the Federal Communications Commission, were advancing as expected.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 15, 2024 17:15 ET (21:15 GMT)
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