Globalstar Inc (GSAT) shares soared 5.30% in pre-market trading on Monday, as the satellite communications company signed an expanded $769 million deal with MDA Space to manufacture over 50 satellites for its low-Earth orbit constellation.
MDA Space, a Canadian space technology firm, was awarded a follow-on contract worth C$1.1 billion ($769.6 million) to become the prime contractor for Globalstar's satellite network. This builds on an initial C$350 million authorization-to-proceed deal announced last year with an undisclosed customer widely speculated to be Globalstar partnering with Apple.
The definitive agreement will see MDA manufacture more than 50 MDA Aurora software-defined digital satellites for Globalstar's constellation. This is part of Globalstar's deal with Apple to provide expanded mobile satellite services through a new network infrastructure, paving the way for potential new revenue streams.
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