Shares of satellite communications services provider Viasat, Inc. VSAT plunged in premarket trading on Thursday.
The Carlsbad, California-based company said late Wednesday an unexpected event occurred during reflector deployment that may materially impact the performance of the ViaSat-3 Americas satellite.
The company said it is working along with its reflector provider to conduct a rigorous review of the development. It also said contingency plans are currently being refined to minimize the economic impact on the company.
The Viasat-3 Americas' priority has been facilitating growth in the company's North American fixed broadband business.
The company ruled out disruption to customers from the event but said it would share additional information on its Aug. 9 earnings call.
In premarket trading, Viasat stock plunged 22.08% to $33.49, according to Benzinga Pro data.
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