- Global satellite and communications company announces agreement with Alibaba…
- Shares more than double on the news…
- What you need to know about the company…
Orbsat Corp (NASDAQ: OSAT) stock flew high today after announcing a new e-commerce deal to take its products global.
The company announced today that its Global Telesat Communications (GTC) unit has been approved as an Alibaba Gold Supplier.
OSAT stock rose as much as 111% following news of the deal and at writing, shares were still up nearly 45%.
The deal means Orbsat will launch a storefront on Alibaba.com to sell its “extensive range of satellite IoT and connectivity products.”
“Alibaba.com currently has 26 million global active business partners serving customers in 190 countries in 19 different languages and receives over 340,000 product inquiries and over 20,000 RFQ’s (“Request for Quote”) daily.”
Orbsat says being a “Gold Supplier” is the “most trusted” level on Alibaba.com and this expansion will allow the GTC unit to expand its 24/7/365 e-commerce presence.
The company expects to launch its Alibaba storefront in the third quarter, featuring its “specialized satellite tracking products”.
By the first quarter of 2022, Orbsat says its “full catalog of 500+ products and connectivity services should be available on Alibaba.com.”
Chairman and CEO of Orbsat, Charles M. Fernandez said, “”With our launch on Alibaba.com… we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country.”
“This will allow us to better serve the needs of our enterprise customers across the world. There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services.”
A Closer Look at OSAT Stock
- Orbsat began trading on the Nasdaq in May in a $14.4 million underwritten public offering
- Buyers in the public offering received one share of common stock, $OSAT and one warrant, $OSATW
- Warrant trading surged on news of the Alibaba deal today
- Orbsat says it “provides services and solutions to fulfill the rapidly growing global demand for satellite-based voice, high-speed data, tracking and IoT connectivity services”
- Its U.S. and European based subsidiaries, Orbital Satcom and Global Telesat Communications, have provided global satellite connectivity solutions to more than 50,000 customers in over 165 countries
- Orbsat has experience providing government, commercial, military and individual consumers with Mobile Satellite Services
- The company is headquartered in Miami, FL
- Orbsat was included in Deloitte’s 2018 Technology Fast 500
- The company’s vision is “to collaborate with innovative partners to deliver low cost, reliable and easily accessible global satellite communications solutions”
Featured image credit: g0d4ather/Shutterstock.com