Shares of Globalstar jumped in premarket trading in New York after the company disclosed in a filing that it will expand its partnership with Apple to support Emergency SOS via satellite for new iPhones. 

Globalstar, a global satellite service firm headquartered in Covington, Louisiana, wrote in an 8k filing that its services with Apple over an Emergency SOS will expand, including a new satellite constellation, increased ground infrastructure, and a global licensing deal. 

Bloomberg highlighted the structure of the deal:

• The extended mobile satellite services network will be owned by a unit Globalstar SPE

• Apple will make an infrastructure prepayment of up to $1.1 billion and an amount necessary for Globalstar to retire its outstanding 13.00% Senior Notes due 2029

• Apple agreed to buy 400,000 Class B Units in the Globalstar SPE vehicle, representing a 20% equity interest, for $400 million

Globalstar forecasted its total annual revenue "to be more than double 2024 annualized levels with an improved EBITDA margin" after the launch of expanded satellite services with Apple. 

In markets, Globalstar shares soared 45% in premarket trading in New York. As of Thursday's close, shares are down 46% on the year. 

Emergency SOS via satellite was a groundbreaking safety feature for newer iPhones launched by Apple in late 2022. It was delivered in partnership with Globalstar, and now, with Apple's continued infrastructure investment, the service is being expanded.

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