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Globalstar has completed an expansion of its ground station in Greece, doubling its infrastructure at the site. These stations are the physical links on Earth that communicate with satellites to route data and messages.
This move is a step toward launching the company's third-generation satellite network. Building out this ground network is a requirement for the company to meet its service obligations and remains a key milestone as it works toward being acquired by Amazon next year.
Source: GlobeNewsWire
Director and major owner James Monroe III purchased roughly 30 million dollars in stock from fellow director James Lynch. This was a direct transfer between two insiders rather than a sale on the open market.
While large insider moves can sometimes signal a change in outlook, this appears to be a reshuffling of shares between long-time backers. Since the company is currently waiting for a $90-per-share buyout from Amazon to close, this trade at current prices suggests the largest shareholder remains committed to the deal's outcome.
Management has missed its own targets for three straight quarters. This suggests the business is becoming harder to predict as it shifts toward its next generation of satellites.
| Expectation | |
|---|---|
| EPS | $-0.12 |
| Revenue | $74M |