Globalstar, Inc. (GSAT) shares rose 9.36 percent to $79.71, gaining $6.82 on Monday, after Amazon.com, Inc. announced a definitive agreement to acquire the satellite communications company.
The stock is currently trading at $79.71, up from its previous close of $72.89 on the Nasdaq. It opened at $78.81 and has traded in a range of $78.45 to $80.78 during the session, with volume reaching 6.63 million shares compared to an average of 832,266 shares.
The acquisition will enable Amazon to integrate Globalstar's satellite infrastructure into its low Earth orbit network to support direct-to-device services and expand global connectivity. The deal also includes collaboration with Apple Inc. to power satellite features such as Emergency SOS for iPhone and Apple Watch users. The 52-week range for the stock is $17.24 to $80.78.
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