Ubiquiti Inc.'s stock soared 12.61% in pre-market trading on Wednesday, as investors reacted to the news of a key partner's departure from the Nusantara Capital Authority (OIKN), potentially impacting the company's involvement in Indonesia's new capital city project.

The surge comes after Mohammed Ali Berawi, who served as the Deputy for Green and Digital Transformation at OIKN, resigned from his position. Berawi, a civil servant lecturer at the University of Indonesia (UI), was recalled by the university to resume his tertiary education duties.

Ubiquiti had previously secured a contract to provide IT infrastructure and networking solutions for the new capital city, in partnership with OIKN. Berawi's departure raises concerns about the potential impact on the collaboration, as he likely played a crucial role in facilitating the partnership between Ubiquiti and OIKN.