Globalstar, Inc. (OTCMKTS:GSAT) Holds on to Impressive Gain

After gaining staggering 28.29% on Monday, yesterday Globalstar, Inc. (OTCMKTS:GSAT) managed to support the price and even add a little more.

GSAT closed up another 4.95% at $0.89 per share. The volume reached 10.5 million shares, and while that’s less than the volume from Monday, it’s still several times the average. Still, after hours trading has GSAT down 4.49% at $0.85.

Monday’s surge came after a press release by the company which revealed that the Federal Communications Commission (FCC) had placed GSAT‘s requested notice of proposed rulemaking on circulation for consideration by the full Commission.

L. Barbee Ponder, General Counsel and VP Regulatory Affairs at GSAT, commented that the company’s proposed Terrestrial Low Power Service is the only immediate solution for the problem with the current congestion of Wi-Fi.

The initial market reaction to the news was very clear, but it’s too early to say whether GSAT can hold the current price level or go higher without additional positive developments.

At any rate GSAT has made a spectacular recovery since it was delisted from the Nasdaq last December. The same thing cannot be said about another relatively recent OTC addition coming from the Nasdaq. Affymax, Inc. (OTCMKTS:AFFY) is still struggling to find security with a lot of unknowns about the future of the company and its drug.