Globalstar, Inc. GSAT 1.66% shares rose 5.5 percent on Friday following good news from the Federal Communication Commission. The company reports that the FCC has approved a revised Globalstar proposal to use satellite signal frequencies to distribute its mobile broadband services.

Earlier this year, the FCC rejected Globalstar’s original proposal on the grounds that the company would gain a special competitive advantage over rivals and that the approach could interfere with other mobile devices.

Despite the big Friday move, Globalstar’s share price has dropped 28.1 percent in the past three years as the stock’s short interest has skyrocketed 920 percent in that time. Globalstar’s FCC approval could be the catalyst for a mass short covering that could drive the stock much higher in coming weeks.

According to shortsqueeze.com, Globalstar currently has a relatively high short percent of float of 11.1 percent. The stock has more than 48.8 million shares held short with 16.0 days to cover.

Now that the company seems to have the green light on its proposal, shorts may be…

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