Why Anterix Stock Skyrocketed Today

Shares of Anterix (NASDAQ: ATEX) skyrocketed as much as 70% today after the company announced a long-term spectrum lease agreement. As of 2:30 p.m. EST, the stock had given up some of those gains but was still up a strong 38%.

The deal is Anterix's first long-term spectrum lease agreement and covers Ameren's (NYSE: AEE) service territories in Illinois and Missouri using the company's 900 MHz spectrum for a period of 30 years. Those airwaves will be used to deploy a private LTE network for Ameren, a regional utility company, as part of its ongoing digital transformation efforts. Anterix CEO Rob Schwartz is optimistic that the agreement will pave the way for future deals.

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Source Fool.com