Business
Globalstar Announces Intention to Voluntarily Delist from NYSE American and Transfer to Nasdaq Upon Completion of Reverse Stock Split
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) (“Globalstar” or the “Company”), a next-generation telecommunications infrastructure
About this update from Globalstar, Inc.
[{"type":"text","content":" COVINGTON, La.--(BUSINESS WIRE)--\nGlobalstar, Inc. (NYSE American: GSAT) (“Globalstar” or the “Company”), a next-generation telecommunications infrastructure and technology provider, today announced that, in connection with its previously-disclosed plans to consummate a reverse stock split (the “Reverse Stock Split”) of its common stock, par value $0.0001 per share (the “Common Stock”), it notified the NYSE American LLC (“NYSE American”) that it intends to voluntarily delist the shares of its Common Stock from the NYSE American and transfer its listing to the Nasdaq Global Select Market (“Nasdaq”), subject to the completion of the Reverse Stock Split.\n\n\nThe Company believes that the voluntary delisting of its Common Stock from the NYSE American and transfer of its listing to Nasdaq, in combination with the Reverse Stock Split, could make the Common Stock more attractive to a broader range of investors.\n\n\nThe last day of trading of the Common Stock on the NYSE American is expected to be on or around February 10, 2025. The Company expects its Common Stock will begin trading on the Nasdaq on or around February 11, 2025, subject to the completion of the Reverse Stock Split, under its current symbol, “GSAT.” Until the Company’s Common Stock begins trading on NASDAQ, the Company’s Common Stock will continue to trade on the NYSE American under its current symbol, “GSAT.”\n\n\nAbout Globalstar, Inc.\n\n\nGlobalstar empowers its customers to connect, transmit, and communicate in smarter ways – easily, quickly, securely, and affordably – offering reliable satellite and terrestrial connectivity services as an international telecom infrastructure provider. The Company’s low Earth orbit (\"LEO\") satellite constellation ensures secure data transmission for connecting and protecting assets, transmitting critical operational data, and saving lives for consumers, businesses, and government agencies across the globe. Globalstar’s terrestrial spectrum, Band 53, and its 5G variant, n53, offer carriers, cable companies, and system integrators a versatile, fully licensed channel for private networks with a growing ecosystem to improve customer wireless connectivity, while Globalstar’s XCOM Radio Access Network (\"RAN\") product offers significant capacity gains in dense wireless deployments. In addition to SPOT GPS messengers, Globalstar off...