Summary
Globalstar, Inc. (GSAT) has received a notification from the Nasdaq Stock Market indicating that its common stock has fallen below the minimum $1.00 bid price requirement for continued listing. As of September 12, 2011, the stock had closed below $1.00 for 30 consecutive business days. Nasdaq has granted Globalstar a grace period of 180 calendar days, until March 12, 2012, to rectify this situation. To regain compliance, Globalstar must ensure its common stock closes at or above $1.00 per share for at least 10 consecutive business days before the March 12, 2012 deadline. Failure to meet this requirement could lead to further compliance periods if the company meets other Nasdaq Capital Market initial listing criteria, or ultimately, to delisting. Investors should monitor the company's stock performance closely as it navigates this compliance challenge.
Key Highlights
- 1Globalstar's common stock bid price has closed below $1.00 for 30 consecutive business days.
- 2The Nasdaq Stock Market has formally notified Globalstar of this deficiency.
- 3The company has been granted a 180-day grace period, expiring March 12, 2012, to regain compliance.
- 4Compliance requires the stock bid price to close at $1.00 or higher for at least 10 consecutive business days.
- 5Failure to comply by March 12, 2012, could result in an additional compliance period or delisting.
- 6The filing references an accompanying press release dated September 14, 2011, for additional information.