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Orbsat Corp (NASDAQ:OSAT, OSATW) announced the closure of its public offering of 2,880,000 units at $5.00 per unit, generating gross proceeds of approximately $14.4 million. Each unit consists of one common share and one warrant, with trading commencing on May 28, 2021. The underwriter, Maxim Group LLC, has also partially exercised its overallotment option, further raising $4,320. The offering's details were filed with the SEC, and electronic copies of the final prospectus are available through Maxim Group.
Orbsat Corp (OTCQB:OSAT) has priced an upsized public offering of 2,880,000 units at $5.00 each, aiming for gross proceeds of $14.4 million. Each unit includes one share of common stock and one warrant to purchase an additional share. The offering follows a 1-for-5 reverse stock split and is set to close on June 2, 2021. Funds will be allocated for inventory, R&D, marketing, and working capital. Trading will begin on the Nasdaq under symbols OSAT and OSATW.
Orbsat Corp (OTCQB:OSAT) reported first-quarter results for 2021, with revenues at $1,461,428, slightly down from $1,468,103 in 2020. The company's GTC unit saw a 6.3% sales increase to $1,013,435, while OSC's sales declined by 12.9%. Gross profit margins improved to 29.9% from 23.7%, driven by high demand for satellite IoT services. However, net loss increased to $803,142 from $284,860, impacted by professional fees and non-cash charges. The company expanded partnerships and sales in 98 countries despite ongoing supply chain disruptions.
Orbsat Corp (OTCQB:OSAT) reported its fiscal year 2020 results, noting approximately $5.69 million in revenues, a decline of 3.1% from 2019. The Company observed a 9.9% sales increase in its Orbital Satcom division, while Global Telesat faced a 9.1% drop due to COVID-19 restrictions. Gross profit margins improved to 21.5%. However, net loss rose to approximately $2.76 million due to increased operating expenses and stock-based compensation. Despite challenges, Orbsat aims for growth in 2021, focusing on new product launches and market expansion.
Orbsat Corp (OTCQB:OSAT) recently appointed Louis Wise as its Chief Technology Advisor, leveraging over 50 years of experience in satellite technology and communications. Wise, a former CIA officer, will guide Orbsat’s expansion into the government and military markets, enhancing its connectivity solutions amid rising demand. The company aims to capitalize on advancements in satellite and wireless technology, including the adoption of 5G. Orbsat has a strong global presence, with over 50,000 customers in more than 165 countries, positioning itself well for growth in the satellite communications sector.
Orbsat Corp (OTCQB:OSAT) has launched a new government services unit, Orbsat Government, aimed at providing satellite communication solutions for federal clients, including the Department of Defense and Homeland Security. The company will relocate its headquarters to Washington, D.C., leveraging nearly two decades of experience in satellite communications. With a growing market, the U.S. government reportedly spends an average of $4 billion annually on satellite communications. Orbsat aims to enhance its sales and customer service teams to support government contracting.
Orbsat Corp (OTCQB:OSAT) has announced the launch of new E-Commerce marketplaces in Sweden and Turkey, expanding its presence to 16 countries. This expansion enhances the company's offerings of mobile satellite service products, including communications equipment and tracking devices from major providers like Garmin and Iridium. The company's recent capital raise in August 2020 funded this growth initiative. CEO David Phipps highlighted the opportunity to deliver market-leading satellite-based solutions to a broad customer base through these new platforms.
Orbsat Corp (OTCQB:OSAT) has announced an expanded global partnership with Kymeta for the distribution of unique Ku-band flat-panel satellite communication terminals, particularly the Kymeta u8. This next-generation antenna, designed for both military and commercial applications, offers complete Ku-band coverage with reliable electronic beam steering. CEO David Phipps emphasized the growing demand for satellite connectivity driven by investments in LEO microsatellite networks and technologies like 5G and IoT. This collaboration aims to enhance global connectivity solutions.
Orbsat Corp (OSAT) announced an initial order of 600 SmartOne C satellite trackers from its subsidiary, Global Telesat Communications, for GPSOne in Kazakhstan. This tracking solution addresses the challenge of monitoring Kazakhstan's large semi-wild horse population, which numbers around 1.7 million. The trackers transmit GPS locations via Globalstar's LEO satellite network, offering a battery life of six months and supporting livestock tracking efficiently. This partnership is expected to support growing demand and expand GPSOne's services in the region.
Orbsat Corp (OTCQB:OSAT) announced the completion of a private placement, raising $933,000 through the issuance of 3-year 6% unsecured convertible promissory notes to accredited investors. The proceeds will be utilized for business development, inventory increase, and other strategic initiatives, including market expansion and personnel recruitment in North America. The securities sold are unregistered and cannot be offered in the U.S. without proper registration. Further details are available in the Company's Current Report filed with the SEC on August 27, 2020.
