Summary
This 8-K filing from Globalstar, Inc. (GSAT) dated December 20, 2012, primarily reports on the company's failure to meet NASDAQ's continued listing requirement of maintaining a minimum closing bid price of $1.00 per share. Despite receiving an extension until December 31, 2012, Globalstar was notified by NASDAQ on December 19, 2012, that its shares would be delisted from The NASDAQ Capital Market, effective December 21, 2012. The company does not plan to appeal this delisting determination. Globalstar anticipates that its common stock will begin trading on the OTC market under its existing ticker symbol, GSAT, starting December 21, 2012. This move to over-the-counter trading is a significant development for investors, potentially impacting liquidity and the perception of the stock.
Key Highlights
- 1Globalstar, Inc. will be delisted from The NASDAQ Capital Market effective December 21, 2012, due to failure to meet the minimum $1.00 closing bid price requirement.
- 2The company received a final deadline of December 31, 2012, to regain compliance, which it could not achieve.
- 3Globalstar will not appeal the NASDAQ delisting determination.
- 4The company's common stock is expected to trade on the OTC market starting December 21, 2012.
- 5The ticker symbol 'GSAT' will remain the same on the OTC market.
- 6This filing was made to disclose the NASDAQ Staff's determination regarding the delisting.
- 7A press release dated December 20, 2012, further details this decision.