Globalstar Jumps Over 23% After Litigation Setttlement And 3GPP Approval

Shares of mobile satellite voice and data services worldwide Globalstar (GSAT) are up over 23% in afternoon trading after announcing a settlement of litigation and news around 3GPP.

SETTLEMENT OF LITIGATION: Globalstar, together with Mudrick Capital Management and Warlander Asset Management and all other litigation parties, announced that they have entered into a settlement agreement related to the litigation brought by Mudrick Capital and Warlander in Delaware Chancery Court involving Globalstar and certain of its directors, officers, and employees. As a result of the agreement, the parties have agreed to the addition of three new seasoned telecom executives to the company's board -- Keith Cowan, Ben Wolff, and Mike Lovett.

Additionally, Timothy Taylor, VP of Thermo and Globalstar's VP of Finance, Business Operations and Strategy will join the board to fill a vacancy left by a fourth board member retiring from his position on the board. 3GPP: Globalstar announced that the Third Generation Partnership Project has approved a global standard for terrestrial use of Globalstar's spectrum at 2483.5-2495 MHz. 3GPP has designated Globalstar's terrestrial S-band as Band 53, which now permits LTE services in the U.S. with additional geographies expected to be added in 2019.

PRICE ACTION: Shares of Globalstar are up 23.4% to 37c per share in afternoon trading.