AST SpaceMobile (ASTS) Rockets to All-Time High on MDA Prime Contract Award

We recently published 10 Firms Making Effortless 10-40% Gains. AST SpaceMobile Inc. (NASDAQ:ASTS) was one of the top performers on Friday.

AST SpaceMobile capped off Friday’s session soaring to a new all-time high after being named as a prime contract service provider by the Missile Defense Agency (MDA), opening doors for a wide range of task orders in the future.

At intra-day trading, AST SpaceMobile Inc. (NASDAQ:ASTS) climbed to its highest price of $120.80 before paring gains to finish the session just up by 14.34 percent at $115.77 apiece.

Photo from AST SpaceMobile website

In a statement on the same day, AST SpaceMobile Inc. (NASDAQ:ASTS) said that as an MDA prime contractor, it would support the agency’s Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) program encompassing task orders across research, development, engineering, prototyping, and operations critical to the United States’ national security objectives.

“Being selected as a prime contract awardee for the MDA’s SHIELD program is a major validation of our unique, on-orbit, dual-use technology and our growing capabilities within the defense sector,” said Chief Commercial Officer Chris Ivory.

“Our innovative low-Earth orbit (LEO) satellite architecture, featuring the largest commercial phased arrays ever deployed in low Earth orbit, is inherently scalable and resilient. This SHIELD IDIQ contract establishes AST SpaceMobile as an eligible provider to bid directly on future task orders, enabling us to rapidly align our cutting-edge space technology with the critical needs of the Department of War and other US Government entities,” he added.

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