Maxar Technologies Stock Slips 9% As Satellite Production Agreement With EchoStar Amended

Shares of Maxar Technologies Inc. (MAXR) are slipping nearly 9% on Wednesday morning after EchoStar and Maxar amended their agreement for Hughes JUPITER 3 satellite production.

MAXR is currently trading at $23.69, down $2.34 or 8.97%, on the Nasdaq. The stock opened its trading at $25.38 after closing Tuesday's trading at $26.03. The stock has traded between $17.51 and $40.48 in the past 52-week period.

The satellite, designed for EchoStar's Hughes Network Systems division, is under production at Maxar's facility in Palo Alto, California. The amended agreement compensates EchoStar for past production delays by providing relief on future payments and expands EchoStar's recourse in the event of any further delays. The satellite is currently planned to launch in the first half of 2023.

"We look forward to continuing our strong collaboration with EchoStar to complete construction of the JUPITER 3 satellite in line with the current schedule," said Daniel Jablonsky, President and CEO, Maxar. "This agreement underscores Maxar's state-of-the-art manufacturing capabilities as we enter into the final phases of construction of this ground-breaking spacecraft."

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