Why AST SpaceMobile Stock Popped, Then Dropped Monday
AST SpaceMobile (NASDAQ: ASTS) stock opened dramatically higher on Monday morning, up 7.3% over the weekend after an early-morning press release announcing the company will form a new satellite communications business with European partner (NASDAQ: VOD).
Investors already seem to be having second thoughts about this news, however. As of 10:05 a.m. ET, AST stock has given up all its gains and is now trading in the red -- down 0.5%.
AST says the goal of its joint venture with Vodafone is "to provide 100% geographic coverage in every part of Europe" from AST's BlueBird satellites in orbit. The new business, currently named SatCo, will "exclusively distribute AST SpaceMobile's satellite services to European" telecommunications providers. SatCo will also "build and run a network of ground stations to provide backhaul services" in Europe, integrating terrestrial and satellite communications.
Source Fool.com
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