Globalstar Announces Plans to Transfer Its Stock Listing to Uplist on Nasdaq

November 18, 2024 at 09:16 AM EST

The Company also announces board approval of a reverse stock split, expected to enhance trading fundamentals and increase institutional investor participation

Globalstar, Inc. (NYSE American: GSAT) (“Globalstar” or the “Company”), a next-generation telecommunications infrastructure and technology provider, today announced its intent to transfer its common stock listing to the Nasdaq Global Select Market (the “Nasdaq”) in the first quarter of 2025. In connection with this planned uplisting, the Company also announced that its Board of Directors has authorized a reverse stock split of its common stock, which is also expected to take place in the first quarter of 2025 at a ratio to be determined closer to the effective date. The reverse stock split is intended to align trading fundamentals with peers, improve liquidity and attract greater investment participation from a more diverse and larger set of institutional investors.

Globalstar has submitted its application to list on the Nasdaq Global Select Market and the Company is working with Nasdaq to complete the transfer in connection with the effective date of the reverse stock split. The Company's common stock will continue trading on the NYSE American until the uplisting is complete.

“This strategic decision to transfer to the Nasdaq, coupled with a reverse stock split, reflects the exciting momentum and 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. At the same time, our reverse split will better align with trading dynamics and technical characteristics of our industry peers, which we expect will unlock value for our shareholders over the near and long-term. We look forward to discussing these initiatives in more detail at our upcoming investor day on December 12,” said Dr. Paul E. Jacobs, Chief Executive Officer of Globalstar.

About Globalstar, Inc.

Globalstar 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 RAN product offers significant capacity gains in dense wireless deployments. In addition to SPOT GPS messengers, Globalstar offers next-generation internet of things ("IoT") hardware and software products for efficiently tracking and monitoring assets, processing smart data at the edge, and managing analytics with cloud-based telematics solutions to drive safety, productivity, and profitability. For more information, visit www.globalstar.com.

Safe Harbor Language for Globalstar Releases

Certain statements contained in this press release other than purely historical information, including, but not limited to, expectations regarding the timing of completion of the uplisting and reverse stock split and expected benefits of such transactions, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, without limitation, those described under Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in the Company’s other filings with the SEC. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.