DJ Orbsat Shares Drop 16% After Tuesday Rise
By Chris Wack
Orbsat Corp. shares were down 16% to $7.97 one day after the company said its Global Telesat Communications unit has entered into an agreement with Alibaba.com, the business-to-business e-commerce website owned and operated by Alibaba Group Holding Ltd.
The stock ended Tuesday's session up 40%.
Orbsat said GTC will be a Gold Supplier on Alibaba.com, the world's largest B2B e-commerce website.
Alibaba.com currently has 26 million global active business partners serving customers in 190 countries in 19 different languages and receives more than 340,000 product inquiries daily. As a Gold Supplier, GTC will significantly expand its e-commerce presence with the launch of its latest global storefront.
Orbsat expects to launch its new storefront during the third quarter with an extensive range of satellite IoT and connectivity products.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 14, 2021 09:58 ET (13:58 GMT)
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