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New Providence Acquisition (NASDAQ:NPA) dipped 15.7% in March, according to data from S&P Global Market Intelligence. Last month saw substantial stock sell-offs for many special purpose acquisition companies (SPACs), and New Providence was among those that suffered a double-digit pullback.
New Providence announced in mid-December that it would be acquiring space-focused telecommunications company AST & Science and bringing the company public through the merger. The SPAC s share price jumped following the news and it went on to hit a lifetime high of $25.37 in February. However, market enthusiasm for growth-dependent technology stocks started to waver, and the stock is now down 50% from its high mark.
AST & Science Announces 1,000th Patent Claim
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MIDLAND, Texas, March 11, 2021 /PRNewswire/ AST & Science, LLC, the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced that its total number of patent and patent pending claims has reached 1,000.
AST SpaceMobile Headquarters in Midland, TX
The key patent technologies are protected in critical jurisdictions around the world and cover all aspects of AST s operations, including satellite architecture, satellite energy efficiencies, deployment, and communication protocols providing high throughput, ground coverage, reliability and compensation using space to enable connectivity to regular cellular handsets.
Opinion: Five Takeaways From Recent Defense Investment Activity aviationweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aviationweek.com Daily Mail and Mail on Sunday newspapers.
There s Going to Continue to Be Some Major Rotation Taking Place My primary goal is to stay flexible and not just sit there.
Feb 23, 2021 | 11:12 AM EST
We have some very dramatic action this morning as the first real bout of panic selling in a very long time hit at the open. Many traders saw weeks and months of profits disappearing, and they raced to close out some positions to stem the bleeding. There were no immediate signs of dip buyers, but they finally showed up and have the S&P 500 above the level at which it opened.
Even with the sizable relief bounce after the opening panic, there is a substantial amount of red on the screens. Breath is running at a bit less than 4 to 1 negative, and that list of 10% moves that I mention so often is down to just a dozen or so names.