AST SpaceMobile shares dropped 8.4% in morning trading today, continuing a decline that began after SpaceX received Federal Communications Commission approval to build a 15,000-satellite direct-to-cell network using its own spectrum.

The FCC authorization allows SpaceX to construct a satellite network that connects directly to standard mobile phones without requiring wireless carriers as intermediaries. This development targets AST SpaceMobile's business model, which operates through partnerships with wireless carriers.

The stock faced additional pressure today as investors reviewed the FCC's October 29 agenda, which was released one day earlier than expected. Clear Street described the agenda as a mixed signal for the satellite-to-phone company.

The FCC agenda includes a proposal to open additional megahertz of airwaves for leasing under Supplemental Coverage from Space rules. A second proposal would auction 25 megahertz in frequency bands that could be used for direct-to-device service, creating potential competition for AST SpaceMobile.

Clear Street maintained its Buy rating on the stock despite the regulatory uncertainty.

An analyst who had predicted the Starlink spectrum agreement suggested that Ligado could be next in line for similar regulatory developments. AST SpaceMobile holds agreements with Ligado for access to up to 45 MHz of spectrum. The company's existing spectrum arrangements with AT&T and Verizon remain in place.