Virgin Mobile on Thursday announced the wireless company will launch a $49.99 unlimited calling plan.

"New network rates obtained from Sprint, which go into effect immediately, allow us to pass value back to the consumer and open a new addressable market for us at the $49.99 unlimited level,” Virgin Mobile CEO Dan Schulman said in a statement.

Shares of Virgin Mobile rose $0.26, or 17 percent, to $1.79 following the news. 

Virgin Mobile is a so-called mobile virtual network operator, a company that leases network access to resell. Virgin Mobile, which has about 5 million customers worldwide, plans to launch the $49.99 plan April 15.

The move aligns Virgin Mobile against the likes of unlimited plan rival MetroPCS, which on Tuesday reported a 51 percent customer increase in the first quarter of 2009 compared with a year ago.

MetroPCS shares rose $0.38, or 2.26 percent, to $17.22.

Also, Virgin Mobile joined the ranks of companies to offer customers temporary breaks on bills if they happen to become unemployed. Virgin Mobile said it will give “Pink Slip Protection” plans to qualifying customers, a move that would waive bill payments for up to 3 months. 

Virgin Mobile, the first mobile virtual network operator, has been struggling. The company last year faced a New York Stock Exchange delisting but on Friday met requirements to keep its average share price above $1 for 30 days, removing it from the NYSE’s watch list.