Why Globalstar Stock Just Jumped 27.5%

Shares of penny-stock satellite communications company Globalstar (NYSEMKT: GSAT) jumped nine pennies in price this afternoon, which doesn't sound like much, but it was enough to drive the stock up 27.5% through 12:50 p.m. EDT on Thursday.

Globalstar is in the business of providing voice and data communications services globally through a "constellation of Low Earth Orbit ("LEO") satellites" and 22 "terrestrial gateways" on earth, the company says in its latest 10-K filing. It also says it has licenses to transmit via "radio frequencies in the 1.6/2.4 GHz band." The company also controls a certain amount of C-band spectrum, such as the Federal Communications Commission has targeted for use (and auction) in expanding 5G internet service.

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Source Fool.com