On October 23, Nokia Oyj rose 5.08% Overnight, trading at $8.28 per share, with turnover of $9.2644 million.

The move appears tied to a new event catalyst: Nokia Oyj and ICEYE signed a letter of intent with Ukraine's Ministry of Defence to explore space cooperation, with a focus on developing sovereign satellite communications systems to support Ukraine's defense capabilities.

The backdrop is that Nokia Oyj had just reported third-quarter results showing net sales of 5.15 billion euros and comparable operating profit of 605 million euros, both above expectations, while free cash flow turned negative 99 million euros and the company lowered its full-year free-cash-flow conversion guidance to 35% to 55%. That cash-flow pressure had weighed on the shares earlier, so the new cooperation announcement helped shift attention toward a fresh strategic development.

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