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MADRID - Globalstar, Inc. (NASDAQ:GSAT), a satellite communications company with a market capitalization of $3.4 billion that has seen its stock surge over 8% in the past week, announced Thursday it has signed definitive agreements with Telecom Castilla-La Mancha to expand its Alcazar Teleport facility in Spain, doubling the company’s footprint at the site with three new tracking antennas and supporting infrastructure.
The expansion will strengthen Globalstar’s Low Earth Orbit constellation foundation and support the company’s previously announced third-generation mobile satellite services network, known as the C-3 System. The upgraded facility aims to enhance mobile satellite connectivity across Europe. According to InvestingPro data, Globalstar maintains a healthy financial position with liquid assets exceeding short-term obligations, demonstrated by a current ratio of 2.27.
"The global expansion of our ground infrastructure to support our next-generation C-3 System now stretches to Europe to include the Alcazar Teleport, an essential facility to Globalstar’s provision of service throughout the region," said L. Barbee Ponder, General Counsel & Vice President of Regulatory Affairs at Globalstar.
The company noted that during recent widespread power outages affecting parts of Spain and Portugal, its satellite network remained fully operational while terrestrial mobile networks were offline, highlighting the importance of satellite communications as a backup system.
Wenceslao Sánchez de la Peña, Director of Telecom CLM, said, "As more sectors rely on satellite for safety, tracking, and data continuity, it’s vital to work with a partner like Globalstar that consistently delivers reliable and resilient infrastructure."
The Alcazar expansion represents another step in Globalstar’s broader initiative to enhance its ground infrastructure globally as it works to deploy next-generation mobile satellite connectivity services.
This information is based on a press release statement from Globalstar. With revenue growth of 14.55% over the last twelve months and significant infrastructure investments, investors seeking deeper insights can access comprehensive analysis through InvestingPro, which offers 13 additional exclusive tips and detailed financial metrics for GSAT.
In other recent news, Globalstar has announced a significant agreement with SpaceX for the launch of nine replacement satellites via a Falcon 9 rocket. This launch is part of Globalstar’s ongoing efforts to enhance its satellite network, with the deployment expected next year following an initial launch later this year. The new satellites, constructed by Macdonald, Dettwiler and Associates Corporation with components from Rocket Lab, have received authorization from the Federal Communications Commission to operate under a 15-year term. In another development, Globalstar is expanding its satellite connectivity services in partnership with CERES TAG to aid in livestock monitoring amid a screwworm outbreak in Mexico. Additionally, Globalstar’s petition for its C-3 System has been accepted by the Federal Communications Space Bureau, marking a step forward in its network expansion plans. Shareholders of Globalstar recently approved an amendment to the company’s Certificate of Incorporation, allowing for officer exculpation under Delaware law. The amendment was approved at the annual stockholders meeting, where three Class A directors were also elected, and Ernst & Young LLP was ratified as the independent accounting firm. These developments highlight Globalstar’s continued efforts to strengthen its satellite infrastructure and corporate governance.
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