This latest news (from AST SpaceMobile) isn't entirely new. Last week, PCMag was first to report the FCC had granted AST "Special Temporary Authorization," or STA, to begin testing its satellites with U.S. partner AT&T.

ASTS shares up on premarket as FCC grants approval for AST SpaceMobile to conduct testing in US with unmodified smartphones using AT&T and Verizon's spectrum.

AST SpaceMobile (NASDAQ:ASTS) shares jumped around 10% premarket after the company building a space-based cellular broadband network secured a special temporary authority from the Federal Communications Commission authorizing testing service in the U.

AST SpaceMobile (NASDAQ: ASTS) stock crashed to Earth on Wednesday, falling 9.3% through 9:55 a.m. ET, while rival satellite company Globalstar (NYSEMKT: GSAT) lost a staggering 27% of its market cap.