AST SpaceMobile (ASTS.O) shares declined in trading on Wednesday as the satellite-connectivity firm moves to raise additional capital.
The sell-off reflects investor caution regarding the cash burn associated with building out direct-to-device infrastructure, a capital-intensive endeavor that has drawn scrutiny from the market.
SpaceX, the dominant player in the space industry, saw its shares suffer their steepest decline since going public, dropping 16% to $154.
The pressure on AST SpaceMobile comes amid a broader retreat in the aerospace and technology sectors.
SpaceX, the dominant player in the space industry, saw its shares suffer their steepest decline since going public, dropping 16% to $154.60 on Monday.
That selloff marked the third consecutive day of losses, pushing the stock to its lowest level since its first day of trading.
Traditional telecom operators are also underperforming.