8-KShareholder Matters

Globalstar, Inc. 8-K Report, Shareholder Vote Results (May 23, 2018)

Filed May 23, 2018For Securities:GSAT

Summary

Globalstar, Inc. (GSAT) held its Annual Meeting of Stockholders on May 22, 2018, where key corporate governance matters were voted upon. The meeting saw a significant turnout, with over 1.19 billion shares represented, indicating substantial shareholder engagement. The primary focus was the election of Class C directors and the ratification of the company's independent auditor.

Key Highlights

  • 1Over 1.19 billion shares were represented at the Annual Meeting of Stockholders, demonstrating strong shareholder participation.
  • 2All three Class C director nominees, William A. Hasler, James Monroe III, and Kenneth M. Young, were overwhelmingly elected to serve until the 2021 Annual Meeting.
  • 3The election of directors received a significant majority of 'For' votes, with votes against and abstentions representing a small fraction of the total.
  • 4Crowe Horwath LLP was ratified as Globalstar's independent registered accounting firm for the fiscal year ending December 31, 2018.
  • 5The ratification of the auditor received an exceptionally high 'For' vote, with minimal opposition.
  • 6The substantial number of broker non-votes in the director elections suggests that many shares held in "street name" did not have their beneficial owners' voting instructions for these specific proposals.

Frequently Asked Questions

The meeting was held to elect Class C directors and to ratify the appointment of the company's independent registered accounting firm for the fiscal year ending December 31, 2018.

Yes, all three nominees for Class C director, William A. Hasler, James Monroe III, and Kenneth M. Young, were elected by a significant majority of votes cast.

Crowe Horwath LLP was ratified as Globalstar's independent registered accounting firm for the fiscal year ending December 31, 2018, with overwhelming approval from the stockholders.

Broker non-votes occur when shares held by a broker in "street name" (on behalf of a customer) are not voted on a particular proposal because the broker has not received voting instructions from the beneficial owner. For the director elections, a significant number of shares fell into this category.