Globalstar, Inc. has announced its intention to voluntarily delist from the NYSE American and transfer its listing to the Nasdaq Global Select Market following the completion of a reverse stock split. The company believes that this move, combined with the reverse stock split, could make its common stock more attractive to a broader range of investors.
The last day of trading of the common stock on the NYSE American is expected to be on or around February 10, 2025, with the common stock expected to begin trading on the Nasdaq on or around February 11, 2025, under its current symbol, "GSAT."
Globalstar, Inc. is a next-generation telecommunications infrastructure and technology provider offering reliable satellite and terrestrial connectivity services internationally. Its 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.
In addition to the upcoming change in its listing, the company also provides terrestrial spectrum, band 53, and its 5G variant, N53, offering carriers, cable companies, and system integrators a versatile, fully licensed channel for private networks with a growing ecosystem to improve customer wireless connectivity. Furthermore, Globalstar’s XCOM Radio Access Network ("RAN") product offers significant capacity gains in dense wireless deployments, and it provides 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. As a result of these announcements, the company's shares have moved -1.8% on the market, and are now trading at a price of $1.94. For the full picture, make sure to review Globalstar's 8-K report.
