SEALSQ Corp (NASDAQ: LAES), a subsidiary of WISeKey International Holding Ltd (NASDAQ: WKEY), saw its stock plunge 11.05% on Tuesday in the 24-hour trading session.
The sell-off came despite the company's announcement of plans to launch six new generation satellites in 2025 in collaboration with its subsidiary, WISeSat AG. The planned satellite constellation, featuring advanced post-quantum cryptography and secure communication technologies, aims to provide a secure and scalable platform for machine-to-machine communication across various industries.
However, investors appeared unconvinced by the ambitious satellite launch initiative. Potential concerns could include the high costs associated with launching multiple satellites, as well as uncertainties surrounding the successful implementation and adoption of the satellite-based IoT solutions in the market.
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