Telesat Taking Off on Advanced Satellite News and Financial Report

August 11, 2023

(24/7 MARKET NEWS) – Telesat (NASDAQ:TSAT) reported, this morning, that MDA Ltd., a space technology company, will build 198 advanced satellites for the Telesat Lightspeed Low Earth Orbit program. Telesat also announced that it has a substantial contractual backlog of $1.6 billion and a cash balance of $1.5 billion, so Telesat Lightspeed is now fully funded through global service delivery taking into account the company’s own equity contribution, certain vendor financing, and aggregate funding commitments from its Canadian federal and provincial government partners.

Telesat is trading at $9.60, up $1.15 (+13.61%), on 127.1K premarket shares traded.

Its 52-week range is $6.00 to $13.73. Its next key inflection point is $10.24 and if it can break through that, on strong trading volume, it’s likely that it challenges its September and August 2023 trading levels.

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