8-KEarnings & ResultsLeadership ChangesRegulation FD+1

Globalstar, Inc. 8-K Report, Financial Results (Nov 5, 2015)

Filed November 5, 2015For Securities:GSAT

Summary

Globalstar, Inc. (GSAT) filed an 8-K on November 5, 2015, primarily to announce its third quarter 2015 financial results and a new independent director appointment. While the 8-K itself does not detail the financial performance, it references an accompanying press release (Exhibit 99.1) which contains this information. Investors should review this press release for specific revenue, net income, and operational metrics from Q3 2015. Additionally, the filing announces the appointment of Kenneth M. Young as an independent director to the Board. Mr. Young's appointment is effective November 3, 2015, and he will serve a three-year term as a Class C director. His compensation includes options for 200,000 shares of common stock, vesting over three years. The company also indicated that presentation materials for its conference call on the same day would be available on its website, which investors might find useful for further context on the financial results and strategic outlook.

Key Highlights

  • 1Globalstar announced its third quarter 2015 financial results via a press release furnished as Exhibit 99.1.
  • 2Kenneth M. Young was appointed as an independent director to the Board of Directors, effective November 3, 2015.
  • 3Mr. Young will serve as a Class C director, with his term expiring at the 2018 annual meeting of stockholders.
  • 4Mr. Young's compensation includes an option to purchase 200,000 shares of common stock, vesting over three years.
  • 5The company will be using presentation materials during its November 5, 2015 conference call, which will be available on its website (Exhibit 99.3).
  • 6The information provided in the 8-K is furnished and not deemed 'filed' for purposes of Section 18 of the Exchange Act.

Frequently Asked Questions

The specific Q3 2015 financial results are detailed in the press release furnished as Exhibit 99.1 to this 8-K filing. Investors should refer to this document for detailed financial performance metrics.

Kenneth M. Young has been appointed as an independent director to Globalstar's Board of Directors. He will serve as a Class C director and is expected to be appointed to board committees in early 2016. His appointment is part of the company's governance structure.

Mr. Young will be granted options to purchase 200,000 shares of Globalstar's voting common stock. These options will vest over a three-year period as compensation for his services as an independent director.

Yes, Globalstar held a conference call on November 5, 2015, at 5:00 p.m. Eastern Time. Written presentation materials used during this call are available on the company's website and furnished as Exhibit 99.3 to this 8-K.