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Globalstar Up 10% on Apple Agreement

07/09/2022 8:38pm

Dow Jones News


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By Josh Beckerman

 

Globalstar Inc. shares were recently up 10% to $2.30 as the company said it will be the satellite operator for certain Apple Inc. satellite-enabled services.

Prior to a trading halt, the stock was down 16% to $1.76.

In a securities filing, Globalstar discussed "transformational" transactions and said the agreement with Apple "materially enhances the device ecosystem for Band 53/n53."

Globalstar "expects that this will accelerate terrestrial deployments and monetization of the band."

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

September 07, 2022 15:23 ET (19:23 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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