Why Globalstar Shares Spiked 49% Today

Why Globalstar Shares Spiked 49% Today

Globalstar Inc. GSAT shares closed 48.6% higher at $1.37 on Wednesday.

The satellite communications company’s stock surged as its wholly-owned subsidiary SPOT LLC announced a partnership with monthly subscription box service Battlebox.

Battlebox customers will receive SPOT’s Gen4 Satellite GPS Messenger as part of their subscription for the Pro Box, with up to six months of service.

“The partnership with Battlbox is a great fit for SPOT since we share a common audience that loves outdoor recreation, adventure and off-the-grid travel for work or pleasure,” Globalstar CEO Dave Kagan said in a statement.

Globalstar had announced a collaboration with Nokia Corp. NOK earlier this month, wherein the latter would deploy Globalstar's Band 53 spectrum at the Port of Seattle.

Price Action: Globalstar shares dropped 6.5% lower at $1.28 in the after-hours session after the significant spike in the regular session.

Posted In: AdventureBattleboxOutdoorsSpotPenny StocksMoversTrading Ideas

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