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.