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Tag: OSAT

  • Why is Orbsat Corp. (OSAT) stock gaining in the intraday session?

    Shares of the Orbsat Corp. (OSAT) stock were gaining in the intraday session today on July 27, 2021, despite the absence of any clear news related to it. OSAT stock price saw a surge of 15.83% to reach $6.66 a share as of this writing. The trading volume was 7,553,847 which is well above the average trading volume. Let’s discuss some recent events of the stock.

    OSAT stock Partners with Alibaba:

    OSAT stock’s Global Telesat Communications (GTC) unit signed a partnership agreement with Alibaba, an eCommerce website that Alibaba Group owns and operates. The launch of the new global storefront in one of the largest e-commerce platforms will expand will significantly expand its eCommerce presence. Orbsat is expected to launch its new storefront in the third quarter of the ongoing year. The store will mainly comprise a wide range of satellite IoT and connectivity products.

    Alibaba has more than 26 million active sellers contributing to the business and entertaining the customers across 190 countries in 19 languages. Alibaba receives roughly 340,000 product inquiries on daily basis along with 20,000 RFQ’s.

    Closing of Over-Allotment Option:

    OSAT stock did announce the closing of the over-allotment option on June 28, 2021, which is granted to Maxim Group LLC, the underwriter. The over-allotment option comprised the sale of 432,000 additional shares of OSAT’s common stock for $0.001 per share. This over-allotment option was connected with Orbsat’s previously announced public offering of shares of its common stock that was ended on May 28, 2021. OSAT stock received the net proceeds of $1,983,225 from this offering after deducting the underwriting discounts.

    New Appointment in OSAT stock:

    In the first week of June 2021, Orbsat stock appointed Charles M. Fernandez as the chief executive officer and the chairman of Orbsat Corp. The former chief executive officer took the role of president and started serving as the CEO of Global Operations. Charles M. Fernandez has an experience of more than 30 years in spotting profitable startups and dislocation opportunities

    Wrap Up:

    It seemed that the OSAT stock was bullish without any specific reason. For the past month, the stock is up by 29%. However, its yearly performance was not so much satisfactory. Hence it is better for investors to do deep research before adding this stock to their portfolio.

  • Orbsat Corp. (OSAT) Stock Skyrockets Following Announcement of Partnership with Alibaba.com

    Orbsat Corp. (OSAT) stock prices were down by 5.39% at the end of July 12th, 2021, bringing the price per share down to USD$6.67. Subsequent premarket fluctuations have seen the stock surge by 77.06%, bringing it up to USD$11.81.

    Partnership with Alibaba

    The company announced on July 13th, 2021 that its Global Telesat Communications (GTC) unit had entered into an agreement with Alibaba.com. The B2B e-commerce website owned by the Chinese multinational technology company, Alibaba Group, specializes in e-commerce, retail, internet, and technology. Making use of the world’s largest B2B e-commerce website, Alibaba.com, GTC will be a Gold-Supplier. Alibaba.com boasts a network of global active business partners of more than 26 million, which serve customers across 190 countries in 19 different languages. The company receives over 340,000 product inquiries and 20,000 RFQs on a daily basis.

    Details of Collaboration

    Having been designated the highest level on Alibaba.com, OSAT finds itself in the most trusted seller category, which significantly expands the scope of its around-the-clock e-commerce presence with the launch of its latest global storefront. The company anticipates launching the new storefront during the third quarter of 2021, made possible by an extensive range of satellite IoT and connectivity products.

    OSAT Product Portfolio

    Among these products are the company’s specialized satellite tracking products, some of which are operated with the use of OSAT’s numerous ground station-based network processors. These can be used to track and monitor the location of a myriad of remote assets, including, but not limited to, cars, trucks, trailers, boats, containers, and animals. The company’s catalog of more than 500 products and connectivity services is set to be available on Alibaba.com by the start of the first quarter of 2022.

    Scope of Partnership

    The onset of the global pandemic and the ensuing closures and social restrictions has resulted in an explosion in online shopping, with e-commerce gaining unprecedented traction. The company is confident that e-commerce is the way of the future and is poised to consolidate its online presence with the recent partnership. Furthering this strategy, OSAT intends to secure new integration alliances, including joint commerce structures with additional connectivity partners.

    Future Outlook for OSAT

    Armed with the potentially massively profitable partnership, OSAT is keen to continue to allocate resources towards adapting to a pandemic and post-pandemic economy. Investors are hopeful that the company will effectively consolidate and expand its market footprint in successful efforts to facilitate significant and sustained increases in shareholder value.