TAMPA, Fla. — AST SpaceMobile’s shares plunged to a new low after the direct-to-smartphone developer said initial commercial satellites will not be ready for launch until at least July following its latest production delay.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...