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.

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.