SEALSQ Corp (LAES), a subsidiary of WISeKey International Holding Ltd (WKEY), experienced a 5.17% drop in stock price during the pre-market session on Tuesday morning.
The stock plummet came despite the company's announcement of a collaboration with WISeSat AG, another WISeKey subsidiary, to launch six new generation satellites in 2025. These satellites will feature advanced post-quantum cryptography and secure communication technologies, aiming to establish a secure, scalable satellite constellation for machine-to-machine communication in various industries.
While the satellite launch plan is a significant development for SEALSQ Corp's business, the market seems to have reacted negatively to the news. Potential concerns may include the high costs associated with launching multiple satellites or uncertainties surrounding the successful implementation and adoption of the satellite-based IoT solutions.
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