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COVINGTON, La. - Globalstar, Inc. (NASDAQ:GSAT), a $3.15 billion market cap satellite communications company showing strong momentum with a 36% return over the past year, has secured an agreement with SpaceX for a Falcon 9 launch to deploy nine replacement satellites, the company announced Monday in a press release.
The launch, expected to take place next year, will follow an initial satellite deployment scheduled for later this year. The satellites are being constructed by Macdonald, Dettwiler and Associates Corporation (MDA) under a 2022 procurement agreement, with components from Rocket Lab.
According to the company, the Federal Communications Commission has authorized these satellites to operate under Globalstar’s HIBLEO-4 filing for a 15-year term. The new satellites will work alongside Globalstar’s existing second-generation satellites currently in orbit.
"The launch services agreement with SpaceX represents another important milestone as we continue to execute on our construction and launch plan," said Globalstar CEO Dr. Paul Jacobs in the statement.
Globalstar operates a low Earth orbit satellite constellation that provides satellite connectivity services for data transmission, asset tracking, and communications. The company also offers terrestrial spectrum services through its Band 53 and n53 technologies for private networks and wireless connectivity.
The financial terms of the launch agreement were not disclosed in the announcement.
In other recent news, Globalstar Inc. announced a significant milestone by signing a launch services agreement with SpaceX for its next set of satellites. This agreement involves using a SpaceX Falcon 9 rocket, with launches expected to commence next year, enhancing Globalstar’s satellite services. Additionally, Globalstar continues its partnership with CERES TAG to provide satellite connectivity for livestock monitoring amid a screwworm outbreak in Mexico, which poses a significant economic threat. The company has also made strides in its network expansion, with the Federal Communications Space Bureau accepting Globalstar’s C-3 System petition, allowing for public comment as part of the regulatory process.
In corporate governance developments, Globalstar shareholders approved an amendment for officer exculpation, aligning with Delaware law to provide additional legal protections for company officers. This was part of a broader agenda that included the election of directors and the ratification of Ernst & Young LLP as the independent auditor. Furthermore, Globalstar has strengthened its leadership team with the appointment of Dr. Tamer Kadous and Daaman Hejmadi to key business units, aiming to expand its network solutions and satellite capacity offerings. These developments reflect Globalstar’s ongoing efforts to enhance its telecommunications infrastructure and service capabilities.
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