Why AST SpaceMobile Stock Tanked Today
Shares of recent IPO and make-every-mobile phone-a-satellite phone space company AST SpaceMobile (NASDAQ: ASTS) stock dropped 6.5% in 1 p.m. EDT trading Wednesday. And yet, the news on AST this week doesn't exactly seem of the "bad" variety. To the contrary, it kind of sounds pretty good.
As AST announced yesterday, it has signed a "memorandum of understanding" with the "leading mobile services provider" in the Philippines -- Smart Communications -- whereby the two companies plan to "explore opportunities to extend SpaceMobile cellular broadband connectivity to the Philippines mainland, islands and surrounding waters after the service is launched."
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Source Fool.com
