AST SpaceMobile (ASTS) Rallies 9.27% as $550-Million Deal With Ligado Network Gets Judge OK

AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the 10 Stocks That Stole Today’s Spotlight.

AST SpaceMobile rallied for a third consecutive day on Monday, adding 9.27 percent to close at $50.20 apiece after securing the approval of a court judge for its $550 million spectrum-sharing agreement with Ligado Network.

On Monday, Delaware Bankruptcy Judge Thomas Horan officially gave the green light for AST SpaceMobile, Inc. (NASDAQ:ASTS) and Ligado Network’s multi-million dollar partnership, which would allow the former to use the latter’s L-band spectrum in developing next-generation satellite internet infrastructure.

In return, Ligado Network will receive 17.5 percent of future revenues generated from the spectrum-sharing agreement.

“The Inmarsat agreement is integral to the resolution of the issues with AST. I’m going to grant the motion today,” Judge Horan was quoted as saying.

The court ruling stemmed from the litigation case filed by Inmarsat Global Ltd., a subsidiary of Viasat Inc., which alleged that Ligado Network’s partnership with AST SpaceMobile, Inc. (NASDAQ:ASTS) unlawfully assigned rights under their existing cooperation agreement.

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Disclosure: None. This article is originally published at Insider Monkey.