Summary
Globalstar, Inc. has announced the termination of its previously disclosed Agreement and Plan of Merger with Thermo Acquisitions, Inc. (Thermo). This termination, effective July 31, 2018, was mutually agreed upon by Globalstar and the Thermo Stockholders' Representative, following a unanimous recommendation from Globalstar's Special Committee of independent directors. Thermo is a significant entity controlled by Jay Monroe, Globalstar's Executive Chairman and CEO, making this termination a noteworthy event concerning internal corporate structure and related-party transactions.
Key Highlights
- 1Globalstar (GSAT) terminated its Agreement and Plan of Merger with Thermo Acquisitions, Inc.
- 2The termination was mutually agreed upon and effective as of July 31, 2018.
- 3The decision was unanimously recommended by Globalstar's Special Committee of independent directors.
- 4Thermo Acquisitions, Inc. is controlled by Jay Monroe, who also holds key executive and board positions at Globalstar.
- 5No termination fees are payable by either party as a result of this termination.
- 6The termination of the Merger Agreement also led to the termination of a related Voting Agreement.