GSAT - Why Globalstar Stock Triumphed on Tuesday
On Tuesday, the day before it was slated to publish its latest set of quarterly earnings, Globalstar (NYSEMKT: GSAT) enjoyed a more than 10% lift in its share price. It wasn't only optimism about said earnings -- the company reported a big prepayment from a top business partner that may or may not be a famous tech company.
In a regulatory filing, Globalstar disclosed that it and this partner, which it did not name, on Monday agreed to amend their existing cooperation agreement. One result of the amendment is that the partner will hand over $252 million as a prepayment to Globalstar for the provision of satellite services.
Globalstar said in the filing that it will use these funds for current and future costs related to its business.
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Why Globalstar Stock Triumphed on Tuesday