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Why is Orbsat Corp. (OSAT) stock gaining in the intraday session?

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Shares of the Orbsat Corp. (OSAT) stock were gaining in the intraday session today on July 27, 2021, despite the absence of any clear news related to it. OSAT stock price saw a surge of 15.83% to reach $6.66 a share as of this writing. The trading volume was 7,553,847 which is well above the average trading volume. Let’s discuss some recent events of the stock.

OSAT stock Partners with Alibaba:

OSAT stock’s Global Telesat Communications (GTC) unit signed a partnership agreement with Alibaba, an eCommerce website that Alibaba Group owns and operates. The launch of the new global storefront in one of the largest e-commerce platforms will expand will significantly expand its eCommerce presence. Orbsat is expected to launch its new storefront in the third quarter of the ongoing year. The store will mainly comprise a wide range of satellite IoT and connectivity products.

Alibaba has more than 26 million active sellers contributing to the business and entertaining the customers across 190 countries in 19 languages. Alibaba receives roughly 340,000 product inquiries on daily basis along with 20,000 RFQ’s.

Closing of Over-Allotment Option:

OSAT stock did announce the closing of the over-allotment option on June 28, 2021, which is granted to Maxim Group LLC, the underwriter. The over-allotment option comprised the sale of 432,000 additional shares of OSAT’s common stock for $0.001 per share. This over-allotment option was connected with Orbsat’s previously announced public offering of shares of its common stock that was ended on May 28, 2021. OSAT stock received the net proceeds of $1,983,225 from this offering after deducting the underwriting discounts.

New Appointment in OSAT stock:

In the first week of June 2021, Orbsat stock appointed Charles M. Fernandez as the chief executive officer and the chairman of Orbsat Corp. The former chief executive officer took the role of president and started serving as the CEO of Global Operations. Charles M. Fernandez has an experience of more than 30 years in spotting profitable startups and dislocation opportunities

Wrap Up:

It seemed that the OSAT stock was bullish without any specific reason. For the past month, the stock is up by 29%. However, its yearly performance was not so much satisfactory. Hence it is better for investors to do deep research before adding this stock to their portfolio.

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