Las Vegas, NV -- (SBWIRE) -- 12/11/2013 -- Globalstar, Inc. (OTCMKTS:GSAT) is trading at $1.72 with after declining 1.15% in share price. The company has market capitalization of 1.29 billion provided 749.53 million share volume.
Globalstar agreed with Hughes Network Systems in a contract to acquire shares. The agreement states that Hughes could acquire shares at its sole option and purchase common stock for cash.
Hughes exercised its option and received $4.3 million voting common stock having 7% discount. The company offered its shares for $14,500,000.
Globalstar, Inc. offers mobile voice and data communications services worldwide through satellite. The satellite communications business of company serves clients like government, oil and gas; maritime and fishing; natural resources, mining and forestry; utilities and transportation. The company serves by delivering mobile communications to subscriber’s hat exceed 486,000 in number.
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