Globalstar Inc. priced its initial public offering at $17 per share, the company announced Nov. 2.

The company has also added 1 million shares to the offering, bringing the total to 7.5 million shares. The stock has begun trading on the Nasdaq under the symbol GSAT.

Globalstar intends to use the proceeds from the offering to fund in part the procurement and launch of its second-generation satellite constellation and related upgrades to its gateways and other ground facilities.

Alcatel Alenia Space signed an agreement to start work on Globalstar’s second-generation satellite constellation in October. The contract, expected to be finalized by Nov. 15, calls for 48 low-Earth-orbit satellites, weighing about 500 kilograms apiece, at an overall price tag of 7.7 million euros ($9.7 million).