(Reuters) – Satellite services firm Globalstar (NYSE:) Inc said on Wednesday it will partner with Apple Inc (NASDAQ:) for a feature on the company’s flagship iPhone 14 series that will allow users to call for help during an emergency.
Apple will pay for 95% of the approved capital expenditure for the new satellites that would be needed to support the service, but Globalstar will still need to raise additional debt to construct and deploy the satellites, Globalstar said.
“Goldman Sachs & Co (NYSE:) LLC and is currently exploring capital markets opportunities and expects to complete a financing in the fourth quarter of 2022,” Globalstar said in a regulatory filing.
Globalstar’s stock fell about 16% on Wednesday before being halted ahead of the announcement. The stock has gained about 50% year to date.
Apple introduced a range of new iPhone 14 models, as well as crash-detection ability and an adventure-focused Ultra Watch on Wednesday.
The latest iPhones starting at $799, will be available later this month, Apple said at its fall event, titled “Far Out”.