Earlier on in the week on Monday Globalstar Inc (NYSEAMERICAN:GSAT) was in the news after it made an announcement with regards to fresh authorization that it had bagged for Thailand. The company announced that the Office of The National Broadcasting and Telecommunications Commission of the Kingdom of Thailand had awarded the authorization for the mobile satellite services from Globalstar to be made available throughout Thailand.
On Wednesday, GSAT stock slid 8.70% to $1.0500 with 6.33 million shares, compared to volume of 3.71 million shares. The stock moved within a range of $1.0100 – 1.1450 after opening trade at $1.1300.
In addition to that, the company had also been authorized to conduct its new ground station at Thaicom’s Teleport Center in Patumthani province. It was a major new development for Globalstar and it is going to be interesting to see if this leads to any major move on its stock in the coming days or not.
The Vice President of Regulatory Affairs and General Counsel at Globalstar L Barbee Ponder spoke about the latest breakthrough for the company as well. He noted that Globalstar became the first and only LEO satellite constellation to get the authorization to provide services in Thailand.
However, he was also quite to add that the achievements of the company would not have come to fruition without the support of the partner Thaicom Public Company Limited.