Summary
Globalstar, Inc. filed an 8-K report on October 20, 2010, detailing two significant events. Firstly, the company received a notice from Nasdaq on October 18, 2010, indicating a deficiency in meeting the requirement for an audit committee comprised of at least three independent directors due to a board member's resignation. Globalstar intends to fill this vacancy before the deadline of its next annual meeting or October 1, 2011, to maintain its Nasdaq listing. Secondly, and more positively, Globalstar announced the successful launch of six new second-generation satellites on October 19, 2010. These satellites have undergone initial in-orbit testing, and all six are performing nominally. This launch is a crucial step in upgrading Globalstar's satellite constellation and ensuring the continued delivery of its services.
Key Highlights
- 1Nasdaq notice received regarding audit committee independence deficiency.
- 2Company plans to appoint a new independent director to the Board and Audit Committee to rectify the deficiency.
- 3Cure period for the Nasdaq listing rule violation extends to the earlier of the next annual meeting or October 1, 2011.
- 4Successfully launched six second-generation Globalstar satellites on October 19, 2010.
- 5All six new satellites are performing nominally following initial in-orbit testing.
- 6The successful satellite launch is a key development for Globalstar's service capabilities.