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FCC Approves Revised Globalstar Proposal

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FCC Approves Revised Globalstar Proposal

Globalstar, Inc. (NYSE: GSAT) shares are up 6.3 percent on Friday after the company reported that the Federal Communications Commission has adopted a Report and Order based on Globalstar’s recently-submitted revised proposal to use satellite signal frequencies to distribute its mobile broadband services. According to a company press release, the FCC’s newly-adopted rules will make more broadband spectrum available to U.S. consumers.

“We thank the Commissioners, their staff and the staff of the Bureaus and Offices who worked tirelessly to bring this proceeding to a successful conclusion,” CEO Jay Monroe said in a statement. “We look forward to a busy 2017 as we plan to put our terrestrial authority to use for American consumers and pursue similar authority internationally.”

Earlier this year, the FCC rejected Globalstar’s original proposal on the grounds that the company would gain a special competitive advantage over rivals. However, Globalstar submitted a revised proposal on November 9 that the company says “provides significant protections to adjacent operations.”

It now appears as if the FCC has approved Globalstar’s technology.

In addition to a big move in Globalstar’s shares, Yippy Inc (OTC: YIPI), which provides a platform that Globalstar uses for data compression, is up 30 percent on the day.

Image Credit: By Federal Communications Commission - Open Commission Meeting - 2/18/2010, Public Domain, Wikimedia Commons

 

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