Globalstar Rallies on Settlement with Thales Alenia Space

Globalstar

is trading significantly higher on the session. The company announced that it has reached a settlement with Thales Alenia Space regarding prior disputes. Globalstar also announced that the companies agree to the terms of a commercial proposal for the purchase of additional satellites. Jay Monroe, Chairman and CEO of Globalstar said, "This agreement both settles the previous disputes between Globalstar and Thales and establishes a clean slate for the program once again such that the parties are now positioned to work as strategic partners for the long-term. We would like to thank Thales and the French bank group for their hard work over the past several weeks and look forward to working with them as we complete the fourth launch this year and further secure the health of the constellation for the long-term." Globalstar is currently trading at $0.34, a gain of $0.09 or 36.95%.