Globalstar, Inc. (NYSE American: GSAT) has announced its intention to implement a 1-for-15 reverse stock split and transfer the listing of its common stock from the NYSE American to the NASDAQ Global Select Market. The reverse stock split is expected to take effect on February 11, 2025. Upon transferring to the NASDAQ, Globalstar expects to meet the eligibility requirements for inclusion in the NASDAQ Composite Index.
As a result of the reverse stock split, every 15 shares of issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. The number of authorized shares of common stock under the company’s certificate of incorporation will be reduced to 143,333,334 shares of common stock.
The company's common stock is expected to begin trading on the NASDAQ on a split-adjusted basis under the new CUSIP number 378973507 on February 11, 2025, and will continue to trade under the symbol "GSAT."
Globalstar anticipates that the strategic decision to complete the reverse stock split and uplist to the NASDAQ Global Select Market will enhance its visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity.
Additional information about the reverse stock split and charter amendments can be found in the company’s definitive information statement filed with the U.S. Securities and Exchange Commission on December 27, 2024. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $1.55. For the full picture, make sure to review Globalstar's 8-K report.
