Globalstar Inc. Announces Strategic Move to Nasdaq Global Select Market

On February 7, 2025, Globalstar, Inc. (NYSE American: GSAT), a prominent telecommunications infrastructure and technology provider, announced a significant strategic decision to enhance its market presence. The company plans to implement a reverse stock split and transfer its common stock listing from the NYSE American to the Nasdaq Global Select Market.

Effective February 10, 2025, after the close of trading, Globalstar will execute a reverse stock split at a ratio of 1-for-15. This means that for every 15 shares of common stock owned, shareholders will receive one share post-split. The adjustments will also reduce the total number of authorized shares to approximately 143.3 million, aligning the company’s capital structure with its growth strategy.

Dr. Paul E. Jacobs, CEO of Globalstar, commented on this decision, stating, “This strategic decision to complete a reverse stock split and uplist to the Nasdaq Global Select Market reflects the strong growth trajectory in our business. With these changes, we expect to enhance our visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity.”

Globalstar anticipates that the last day of trading on the NYSE American will be February 10, 2025, with the new trading on Nasdaq commencing the following day, February 11, 2025. The company will continue to trade under the symbol “GSAT,” albeit under a new CUSIP number post-split.

Shareholders holding certificated shares will receive a letter of transmittal from Computershare Trust Company, N.A., the company’s transfer agent, with instructions on how to surrender their certificates for the new, post-split shares. Those with book-entry shares or shares held through brokers will not need to take any action.

By moving to the Nasdaq Global Select Market, Globalstar aims to meet the eligibility requirements for inclusion in the Nasdaq Composite Index. This move is expected to further bolster the company's visibility in the market and attract institutional investors, which could lead to increased liquidity and trading volume.

Globalstar is recognized for its innovative telecommunications solutions, providing reliable satellite and terrestrial connectivity services globally. The company operates a low Earth orbit (LEO) satellite constellation that ensures secure data transmission, essential for various sectors including consumer services, business operations, and government agencies. With an expanding suite of products, including IoT hardware and software, Globalstar is positioned to drive advancements in wireless connectivity and analytics.

The press release contains forward-looking statements that reflect the company’s expectations regarding the reverse stock split and the transition to Nasdaq. These statements are subject to risks and uncertainties, and actual results may differ from those projected.

Globalstar’s decision to implement a reverse stock split and list on the Nasdaq Global Select Market marks a pivotal moment in the company's growth trajectory. By enhancing its market presence and liquidity, Globalstar is poised to attract a broader investor base and leverage its innovative telecommunications solutions for future success. For further details about the reverse stock split and charter amendments, stakeholders can refer to the definitive information statement filed with the U.S. Securities and Exchange Commission.

For more information about Globalstar and its offerings, visit www.globalstar.com.