Globalstar Inc GSAT soared 84% in regular and after-hours trading today.
What Happened: The share rallied after the Covington, Louisiana-based satellite solutions company said that Qualcomm Inc QCOM will add the former’s Band n53 in its new flagship X65 modem.
The 5G modem’s support of Band n53 will expand the number and type of devices on Globalstar’s spectrum.
See also: Best Penny Stocks Under $1
“Qualcomm's support of Band n53 represents a significant milestone in our efforts to commercialize our spectrum in the US and all other countries where we have or expect to obtain terrestrial authority,” said Kyle Pickens, vice president of strategy at Globalstar.
Why It Matters: On Jan. 20, Globalstar’s shares had risen nearly 49% after its wholly-owned subsidiary SPOT LLC announced a monthly subscription box service Battlebox.
The company also announced a partnership with Nokia Oyj NOK in January, which involved the deployment of Globalstar’s Band 53 spectrum at the Port of Seattle.
See also: How to Buy Nokia (NOK) Stock
Price Action: Globalstar shares closed 69.11% higher at $2.08 on Tuesday and rose 14.9% to $2.39 in the after-hours session.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
