Orbsat Stock Trade Resumes After 122% Rise Halted It
By Dhirendra Tripathi
Investing.com – Trading in Orbsat (NASDAQ:OSAT) stock resumed after a temporary halt that occurred when news of a unit of the company tying up with China’s Alibaba (NYSE:BABA) sent its stock doubling in Tuesday’s session.
Orbsat later traded 93% higher after being up 122% once.
The company’s Global Telesat Communications unit will be a ‘gold’ supplier of IoT and connectivity solutions on Alibaba’s B2B online platform, a note by the Miami-headquartered company said.
As a ‘gold’ supplier, the highest level and most trusted seller category on Alibaba.com, GTC will significantly expands its e-commerce presence.
Orbsat expects to launch its new storefront during the third quarter with an extensive range of satellite IoT and connectivity products. These will include Orbsat's specialized satellite tracking products, some of which operate using the company's many ground station-based network processors, and can be used to track and monitor the location of cars, trucks, trailers, boats, containers, animals, and other remote assets.
Orbsat's full catalog of 500+ products and connectivity services should be available on Alibaba.com by the start of the first quarter of 2022, the note said.
Alibaba.com currently has 26 million global active business partners serving customers in 190 countries.
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