On October 23, Nokia Oyj rose 5.46% in Pre-Market Trading, trading at $8.32 per share with turnover of $2.9519 million.

The immediate catalyst was a newly disclosed letter of intent signed by Nokia Oyj and ICEYE with Ukraine's Ministry of Defence to explore space cooperation, with a focus on sovereign satellite communications systems to support Ukraine's defense capabilities.

The move follows Nokia Oyj's latest quarterly results released on October 22. Third-quarter net sales were 5.15 billion euros and comparable operating profit was 605 million euros, both above expectations. However, free cash flow turned negative at 99 million euros and the company lowered its full-year free cash flow conversion guidance to 35% to 55%, which had pressured the stock previously. The Ukraine-related cooperation appears to have provided a fresh event-driven catalyst that helped offset near-term concern over cash flow and guidance.

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