Shulou(Shulou.com)11/24 Report--

Beijing, September 8 (Xinhua)-- Apple announced Wednesday the launch of a satellite communications function for iPhone 14, an emergency service provided by satellite communications company Globalstar. It is this news that makes the share price of Global Star go through a roller coaster.

For more than a year, the industry has been saying that all stars will support Apple's iPhone satellite service. Some investors had expected the service to be announced at last year's iPhone launch. On Wednesday, Apple confirmed at the launch of iPhone 14 that it would launch the text-based service.

Global Star explained in a document that the satellite service is expected to be available to customers in the fourth quarter of 2022. "under the terms of the cooperation agreement, Global Star must raise additional debt capital for the construction and launch of new satellites. Global Star has commissioned Goldman Sachs and is currently exploring capital market opportunities and is expected to complete financing in the fourth quarter of 2022." The global star says. The service will be launched in the United States and Canada in November, Apple said at the launch event.

Global Star shares were suspended before Apple's launch, when its shares fell 15.8%. After resuming trading, Global Star shares rose more than 40 per cent at one point, then fell back to nearly 10 per cent, and then continued to fall. Shares of Global Star were down 1.9% as of Wednesday's close. Apple shares closed up 0.9%. The s & p 500 index rose 1.8% on the day.

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