What happened?
On Wednesday 1/10 a rumor was circulated that Kerrisdale, a prominent short fund, would host a presentation on its Globalstar, Inc. (NYSEMKT:GSAT) short position on Monday 6/10. Based on the rumor, Globalstar shares went down by 20%. Kerrisdale delivered a good show, which pushed the share price down by an additional 20%. GSAT management than had their presentation on October 9th. The presentation came in the midst of the recent global equity sell off and failed to lift the price.
Introduction to Globalstar
Globalstar, Inc. (NYSEMKT:GSAT) is the fourth largest global satellite...
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