Summary
This 8-K filing from Globalstar, Inc. (GSAT) on October 17, 2012, primarily addresses the company's ongoing efforts to maintain its listing on The NASDAQ Capital Market. Globalstar had received a delisting notice due to its common stock's closing bid price falling below the $1.00 requirement. The company appealed this decision to a NASDAQ Listing Qualifications Panel.
Key Highlights
- 1Globalstar received a notice of potential delisting from NASDAQ due to its common stock's closing bid price being below $1.00.
- 2The company appealed the delisting determination to a NASDAQ Listing Qualifications Panel.
- 3The Panel granted Globalstar an extension to regain compliance with the minimum bid price rule.
- 4Globalstar is now required to maintain a closing bid price of at least $1.00 for 10 consecutive trading days by December 31, 2012, to avoid delisting.
- 5The company acknowledges it cannot guarantee it will meet this requirement before the deadline.
- 6The filing also references a press release issued on October 17, 2012, detailing this Panel determination and other business updates.
Frequently Asked Questions
The primary reason for this 8-K filing is to inform investors that Globalstar received an extension from NASDAQ to regain compliance with the minimum bid price requirement of $1.00 per share for its common stock. The company was previously facing potential delisting.
Globalstar must comply with the minimum closing bid price of at least $1.00 for 10 consecutive trading days on or before December 31, 2012, to maintain its listing on The NASDAQ Capital Market.
If Globalstar fails to meet the minimum closing bid price requirement by the specified deadline, its common stock will be subject to delisting from The NASDAQ Capital Market.
No, the company explicitly states in the filing that it 'cannot provide any assurance that the trading price of its common stock will meet the minimum bid price rule prior to the end of this extension.'