10 Firms Suffer Steep Downfall on Monday

9. AST SpaceMobile Inc. (NASDAQ:ASTS)

AST SpaceMobile dropped its share prices by 12.75 percent on Monday to close at $29.14 apiece as investor sentiment was dampened by an overall market pessimism.

On Monday, New Zealand-based telecommunications provider 2degrees announced that it partnered with ASTS for the development and extension of 4G LTE and 5G cellular coverage across New Zealand without the need for any specialized software or device support.

However, the news was not enough to propel ASTS’ shares higher, with prices after market hours still hovering in the red territory.

According to 2degrees, it will invest in the development of its own dedicated ground station in Aotearoa.

According to ASTS Chief Commercial Officer Chris Ivory, New Zealand’s diverse geography presents unique connectivity challenges, making it well-suited for space-based cellular broadband coverage.

“We look forward to collaborating with 2degrees to ensure people across the country have access to reliable broadband mobile services, even when they are outside traditional coverage areas,” he said.