MDA Space Shares Plunge After EchoStar Terminates Contract (2)

(Updates with share price movement. A previous version corrected the 3rd bullet to show MDA Space will be compensated.)

MDA Space shares fall as much as 20% on Monday, its biggest intraday drop since January, after satellite developer said it received a termination for convenience notification from EchoStar related to a constellation contract announced Aug. 1.

• Contract termination is the result of a sudden change to EchoStar’s business strategy and plan in the wake of spectrum allocation discussions with the US FCC, MDA Space says in a statement
• EchoStar has agreed to sell its AWS-4 and H-block spectrum licenses to ...