Orbsat Shares Soar In Premarket After GTC Unit's Launch On Alibaba.com

IoT and connectivity solutions provider Orbsat Corp OSAT said its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com BABA.
GTC will be a Gold- Supplier, adding it to the highest level and most trusted seller category, on Alibaba.com that currently has 26 million global active business partners serving customers in 190 countries.
Orbsat expects to launch its new storefront during the third quarter with an extensive range of satellite IoT and connectivity products.
Orbsat's entire catalog of 500+ products and connectivity services should be available on Alibaba.com by the start of the first quarter of 2022.
“Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services,” said Orbsat CEO Charles M. Fernandez.
Price action: OSAT shares are trading higher by 67.2% at $11.15 premarket on the last check Tuesday.