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Orbsat Shares Soar In Premarket After GTC Unit's Launch On Alibaba.com

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  • IoT and connectivity solutions provider Orbsat Corp (NASDAQ: OSAT) said its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com (NYSE: BABA).

  • GTC will be a Gold- Supplier, adding it to the highest level and most trusted seller category, on Alibaba.com that currently has 26 million global active business partners serving customers in 190 countries.

  • Orbsat expects to launch its new storefront during the third quarter with an extensive range of satellite IoT and connectivity products.

  • Orbsat's entire catalog of 500+ products and connectivity services should be available on Alibaba.com by the start of the first quarter of 2022.

  • “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,” said Orbsat CEO Charles M. Fernandez.

  • Price action: OSAT shares are trading higher by 67.2% at $11.15 premarket on the last check Tuesday.

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