Globalstar Inc (NYSEMKT:GSAT) shares were down 16.18% on Thursday to $0.855 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.63 to $3.00. The company has 947.67 million shares outstanding.
Globalstar Inc share prices were down in the recent US session after the company revealed it is seeking to narrow its request in an ongoing FCC proceeding to allow Terrestrial Low Power Service.
“While the Company has worked hard with the Commission and supports the Commission’s efforts over the past few years, given the concerns expressed by Commissioners and parties participating in our proceeding, the Company now seeks to narrow the relief it originally requested. Globalstar requests that the Commission adopt a subset of the rules contained in the 2013 NPRM and permit the terrestrial use of Globalstar’s 11.5 MHz of licensed spectrum in the 2.4 GHz band for low-power terrestrial broadband services,” the statement indicated.
“This new proposal will allow consumers to further benefit from recent technology and ecosystem advancements that make it possible for the band to be rapidly added into the nation’s operational broadband inventory,” it continued. “We believe that Globalstar’s concession should resolve the remaining technical and policy issues in this proceeding and allow the Commission to now move forward expeditiously while creating a substantial benefit for the wireless market.”
With that, investors are starting to become concerned that Globalstar Inc made an initial proposal that is too broad. In its earnings conference call, the company also gave a response to Microsoft’s interference report, citing that the latter’s methodology “included an extreme test setup and technical parameters that would never occur in any real-world deployment.”
Instead, Globalstart Inc maintained that real-world deployment would allow Terrestrial Low Power Service to peacefully coexist with unlicensed operations and poses no risk to Bluetooth and 2.4 Ghz WiFi systems.
On its daily time frame, it can be seen that Globalstar Inc is still in selloff mode, just recently fizzling from its rally to the $1.00 level. This is a significant area of interest since it held as support in the past and may serve as a ceiling moving forward. This could bring Globalstar inc shares to the lows at $0.63 or lower, depending on how their request moves forward.
Globalstar Inc is a company that provides mobile satellite services, including voice and data communications services globally through satellite. It offers wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.
It provides various communications services through satellite, which include two-way voice communication and data transmissionsusing mobile or fixed devices, and one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station, which includes certain SPOT and Simplex products. Aside from that, Globalstar Inc offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways). It also offers hardware and software designs to develop specific applications operating over its network.