Globalstar's stock surged 19.03% over the 24-hour period following reports that Amazon.com is in advanced discussions to acquire the satellite operator. The significant price movement occurred during overnight trading sessions as news of the potential deal circulated.

According to multiple reports, Amazon is nearing a deal to acquire Globalstar in a move that would bolster the tech giant's efforts to build its own satellite operation and compete with Elon Musk's SpaceX Starlink network. A transaction could be announced as soon as Tuesday, though sources caution that a final agreement hasn't been reached and talks could still fall through.

The potential acquisition would accelerate Amazon's progress in developing its Amazon Leo low Earth orbit satellite network, as Globalstar already operates a functioning satellite network. While smaller than Starlink, Globalstar's infrastructure focuses on connecting phones and other devices in areas with weak coverage and powers Apple's emergency services feature on iPhones.