Globalstar, Inc. (NYSEAMERICAN:GSAT) is seeing a bit of buying pressure in early morning session on Tuesday.
Market Reaction:
As of 9:52, GSAT stock moved up 4.21% to $1.24 with more than 2.85 shares, compared to its average volume of 18.70 million shares. The stock has moved within a range of $ 1.2100 – 1.2500 after opening the trade at $1.22.
Major Trigger:
TracTrac deploys Globalstar Spot Gen4 to support sailing regattas and racing events
Key Highlights:
- Globalstar Europe Satellite Services Ltd, a wholly-owned subsidiary of Globalstar Inc., has announced that TracTrac, specialists in tracking solutions for competitive sailing and extreme sports, is deploying Spot Gen4 devices to support race events on land and sea.
- Established in 2005, TracTrac is a software and services company which has developed a tracking platform specifically designed to provide tracking capability for difficult-to-follow sports.
- In competitive sailing, TracTrac has long supported many regattas internationally which predominately take place inshore, namely sailing races which hug the coastline and can be tracked using GSM-based systems.
Key Quote
Speaking about the deal, Chris Terkelsen, Co-founder of TracTrac, said: “We’ve been seeing huge growth in more challenging racing events, far beyond the shoreline; we knew that to deliver reliable tracking for these longer races further offshore, we needed our system to include satellite technology.”
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