NEW YORK (TheStreet) -- Shares of Sprint (S) - Get Report fell 7.4% to $3.98 Monday after the mobile carrier announced it will sit out the Federal Communications Commission's spectrum auction in early 2016.

The FCC will auction off spectrum in the 600 MHz spectrum that can travel long distances and penetrate buildings in March, according to Reuters. Sprint said its current spectrum holdings are "sufficient" for its current network upgrade plans, however, so it will not be a part of the auction.

"Sprint's focus and overarching imperative must be on improving its network and market position in the immediate term so we can remain a powerful force in fostering competition," Sprint CEO Marcelo Claure said in a statement. "Sprint has the spectrum it needs to deploy its network architecture of the future."

Sprint previously sat out on the FCC's AWS-3 spectrum auction earlier in 2015.

S data by YCharts

Image placeholder title