Globalstar ($GSAT) shares spiked 28% Thursday after a Bloomberg report said the satellite communications firm is working with an investment bank to explore a sale and has held preliminary talks with Elon Musk’s SpaceX.
Key facts:
- Globalstar shares jumped to $58.35 after the report, with trading briefly halted for volatility.
- SpaceX is one of several potential suitors, though Globalstar could choose to remain independent.
- Apple holds a 20% stake in Globalstar and invested $1.5 billion last year to enhance satellite infrastructure.
- Chairman James Monroe has previously discussed potential sale valuations above $10 billion.
- The company supports iPhone satellite texting and emergency services through Apple’s global ecosystem.
Relevant Companies
- Globalstar ($GSAT): Shares surged on sale speculation and possible SpaceX interest.
- Apple ($AAPL): Owns a 20% stake in Globalstar and relies on its satellite network for iPhone SOS services.
- SpaceX (private): Reportedly in early talks to acquire or partner with Globalstar.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
