Tech Stocks Newsbeat! Towerstream Corporation (TWER), Globalstar, Inc. (GSAT)
Shares of Towerstream Corporation (NASDAQ:TWER) ended Wednesday session in red amid volatile trading. The shares closed down -0.080 points or -8.00% at $0.920 with 637,586 shares getting traded. Post opening the session at $0.92, the shares hit an intraday low of $0.91 and an intraday high of $0.95 and the price vacillated in this range throughout the day. The company has a market cap of $7.59 million and the numbers of outstanding shares have been calculated to be 8.83 million shares.
Towerstream Corporation (TWER) declared that the underwriter for its recent underwritten public offering has exercised in full its option to purchase from the Company an additional 444,444 shares of the Company’s common stock at the initial offering price to the public of $1.35 per share to cover over-allotments.
Counting the purchase of the additional shares, the Company issued a total of 3,407,407 shares of its common stock in the offering, for aggregate gross proceeds of $4.6 million, before deducting underwriting discounts, commissions and other offering expenses.
Shares of Globalstar, Inc. (NYSEMKT:GSAT) ended Wednesday session in green amid volatile trading. The shares closed up +0.04 points or 4.04% at $1.03 with 4.33 million shares getting traded. Post opening the session at $0.87, the shares hit an intraday low of $0.87 and an intraday high of $1.08 and the price vacillated in this range throughout the day. The company has a market cap of $1.20 billion and the numbers of outstanding shares have been calculated to be 947.67 million shares.
Globalstar, Inc. (GSAT) recently declared its financial results for the quarter ended September 30, 2016.
Total revenue for the third quarter of 2016 raised by $1.9 million, or 8%, from the third quarter of 2015. This increase was driven mainly by higher service revenue resulting from growth in our average subscriber base and raised ARPU. This increase in service revenue was offset partially by a decrease in revenue generated from equipment sales due mainly to fewer core Simplex units being sold during the three months ended September 30, 2016.
Net income (loss) reduced $26.7 million from net income of $24.1 million in the third quarter of 2015 to net loss of $2.6 million in the third quarter of 2016. The primary reason for this decrease was lower non-cash derivative gains, which reduced $43.2 million due predominantly to changes in certain valuation inputs, counting discount rate, stock price volatility and remaining estimated term of the instruments. This decrease was offset partially by higher revenue and changes in non-cash items, counting a $7.2 million fluctuation in the gain (loss) on equity issuance and a $6.4 million change in income tax expense (benefit).