Globalstar jumps on news it will provide Apple emergency satellite service (updated)
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Updated 2:49 p.m.: After coming off a halt for news, Globalstar stock (NYSE:GSAT) jumped 16% after it announced that it will be the satellite operator for Apple's (AAPL) new emergency SOS service.
Apple's hardware event announcing new iPhones included a feature called Emergency SOS via Satellite, which can connect to emergency services even when the phone's user is outside of cellular or Wi-Fi range.
Globalstar says in a filing that it will serve as the service provider, and says that it and Apple have completed several milestones for the service, ranging from initial feasibility up to "rigorous" in-field system testing.
Apple's expected to begin the emergency services in the fourth quarter, Globalstar says.
GSAT stock had slipped 15.8% before the stock was halted for news pending.
The companies' agreements require Globalstar to allocate network capacity to support the services, and to include its Band 53/n53 in Apple's cellular devices using the emergency services.
Globalstar (GSAT) is set to receive a recurring service fee, payments for expenses and capital expenditures, and potential bonuses subject to "satisfaction of certain licensing, service and related criteria."
Globalstar (GSAT) will also raise additional debt capital for new satellites, and due to the "shift in strategy" from Wednesday's announcement, it will abandon second-generation Duplex assets (it had suspended those services amid talks about the Apple service).
Iridium Communications (IRDM) is still trading, and has fallen more than 6% following the news. AST SpaceMobile (ASTS), pursuing its own direct space-to-mobile-phone communications, is down nearly 5% Wednesday.