Image source: Globalstar, Inc.

What happened

Shares of Globalstar, Inc. (NYSEMKT:GSAT) were up 26.5% as of 1:15 p.m. EST following favorable developments at the U.S. Federal Communications Commission (FCC).

So what

Recall Globalstar stock plunged last month after the company revealed it was seeking to narrow its request in an ongoing FCC proceeding to allow Terrestrial Low Power Service (TLPS). Shares then violently rebounded earlier this week as the FCC drafted a new proposed order in response to Globalstar's revised proposal.

Finally, shares are popping once again today following reports that Globalstar's revised proposal is receiving the three favorable FCC votes required for approval, according to Bloomberg.

Now what

To be fair, shares are still up "just" 16% year to date even after Globalstar's latest meteoric rise this week, a testament to the roller-coaster ride shareholders have endured. But despite the fact Globalstar wasn't able to push through its original proposal, investors couldn't have asked for much more at this point.

So in the end, while I'm personally content to watch Globalstar's story continue to play out from the sidelines, I can't blame the market for celebrating this positive news.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.