Why AST SpaceMobile Stock Is Bouncing Back
For the second day in a row, AST SpaceMobile (NASDAQ: ASTS) stock is hopping.
AST shares tumbled earlier this week after the company floated $460 million in dilutive convertible debt to raise cash for building new direct-to-cell satellite communications satellites. Yesterday, however, AST stock posted a win after customer placed "the world's first video call via satellite using a standard smartphone from a remote location" -- and used an AST satellite to do it.
And today? Today AST stock is flying 17.5% higher through 10:15 a.m. ET, and recouping all its losses from earlier in the week. Why? The Federal Communications Commission has just approved AST to begin testing its satellites in the United States.
Source Fool.com
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