Globalstar has reached a new agreement with Apple to provide mobile satellite expansion services

Globalstar has reached a new agreement with Apple to provide mobile satellite expansion services. According to the agreement, Globalstar will provide services to Apple through a new mobile satellite service network, including a new satellite constellation and additional infrastructure. Following the announcement of the agreement, Globalstar's stock price surged by 64%. Apple will make a cash prepayment, including an infrastructure prepayment of up to $1.1 billion, and has agreed to purchase a 20% stake in Globalstar SPE for $400 million. Globalstar expects that its annual total revenue after the expansion will be more than double the annualized level of 2024