AST SpaceMobile ( NASDAQ: ASTS ) is 8.9% lower as investors await news on a key catalyst for the company's plans to offer satellite-based mobile phone connectivity.
The company successfully launched its BlueWalker 3 test satellite into orbit in mid-September , and CEO/Chairman Abel Avellan said in early October that control of the satellite from ground stations had been under way for about three weeks.
Investors have been watching Nov. 10 as the time for an announcement that BlueWalker 3's array is entirely unfolded - which would set the stage for operational testing of the company's mission: direct call connectivity between a satellite and ordinary mobile phone.
That makes the planned "unfurling" a high-stakes event, and moves in the stock are volatile. Volume on Wednesday isn't out of the ordinary, and the market is broadly lower in its first reaction to midterm elections. The stock is heavily shorted, however, with about 25% of the float held short.
AST SpaceMobile ( ASTS ) was subject to a short report from Kerrisdale Capital in mid-September. And Barclays recently trimmed its price target, but stayed bullish on what it called the "binary" opportunity for success with the satellite .
For further details see:
AST SpaceMobile slips 9% ahead of key satellite catalyst