GSAT - Globalstar signs contract with MDA for new satellites

Globalstar (NYSE:GSAT) has entered into a satellite procurement agreement with Macdonald, Dettwiler and Associates pursuant to which Globalstar will acquire 17 new satellites that will replenish and extend the life of Globalstar’s existing constellation. The total contract price for the initial 17 satellites is $327M. If Globalstar elects to acquire new satellites, each satellite will be priced at $11.4M, subject to certain price adjustments. The Procurement Agreement requires the Contractor to deliver the satellites by 2025, with an expectation that all satellites will be launched by the end of 2025. Globalstar plans to contract separately for launch services and launch insurance for the new satellites.

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Globalstar signs contract with MDA for new satellites