VZ - Why AST SpaceMobile Stock Exploded 35% Higher Today
2024-05-29 10:59:22 ET
AST SpaceMobile (NASDAQ: ASTS) stock is on a roll. Two weeks ago, this tiny telecommunications start-up signed a deal with AT&T (NYSE: T) to provide AT&T customers cellphone-to-cellphone broadband internet connections via AST SpaceMobile satellites in orbit . This morning, AST announced it will also extend this relationship to Verizon (NYSE: VZ) customers.
AST SpaceMobile stock jumped 35% on the news (through 9:45 a.m. ET).
AST and AT&T didn't state a deal value, but this new deal does. Verizon will spend $100 million "to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers." And with both AT&T and Verizon now on board, AST says it can provide 100% coverage to the continental United States, "essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity."
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Why AST SpaceMobile Stock Exploded 35% Higher Today