Globalstar stock jumps after report of sale talks with Musk's SpaceX

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Shares of Globalstar (GSAT [https://seekingalpha.com/symbol/GSAT]) spiked on late Thursday afternoon after a _Bloomberg _report suggested that the satellite communications company is working with an investment bank to explore a sale and has held early talks with Elon Musk's SpaceX (SPACE [https://seekingalpha.com/symbol/SPACE]).

The stock started its upward trajectory right at 2:34 pm ET when _Bloomberg _broke the story; GSAT is up 28.2% at $58.35 an hour before the closing bell.

The report said Musk's company is among other potential suitors, and it is possible another buyer could emerge.

Globalstar hasn’t made a final decision on pursuing a sale and could opt to remain independent, sources told the news outlet. Apple (AAPL [https://seekingalpha.com/symbol/AAPL]), which has a 20% stake in the company, likely has a say in Globalstar’s future, the report said.

_The Information_ earlier this month said Globalstar chairman James Monroe talked about the possibility of selling his company for more than $10B. That report also said Apple is unlikely to buy the satcom provider because the iPhone maker does not want to be regulated as a network carrier.

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