EchoStar Corporation (NASDAQ: SATS) shares stumbled Tuesday. The company, a global, fully integrated communication and content delivery leader and provider of technology, spectrum, engineering, manufacturing, networking services, television entertainment and connectivity, today announced the successful completion of various transformative strategic transactions positioning its business for the further enhancement of its nationwide Open RAN 5G Network.
Today's announcements highlight the tremendous value of EchoStar's spectrum asset portfolio serving as the sturdy platform on which EchoStar will accelerate its deployment of a nationwide wireless service to vigorously compete with incumbent wireless carriers.
"We are optimistic for the bright future ahead following the completion of these transactions that position our business for success. The significant additional capital raised by our business, together with our successful efforts to improve our debt maturity profile, will allow us to continue to invest in our nationwide Open RAN 5G network, and secure profitable customer acquisition and retention," said CEO Hamid Akhavan.
"We paved the way for EchoStar to successfully compete in the U.S. wireless market, and firmly believe customers will continue to realize the benefit of our state-of-the-art, modern network."
The transactions highlight tremendous value of EchoStar's spectrum assets serving as the sturdy platform on which EchoStar will accelerate its deployment of a nationwide wireless service to vigorously compete with incumbent wireless carriers.
SATS shares began Tuesday down $1.23, or 4.7%, to $24.90.
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