Summary
Globalstar, Inc. (GSAT) announced significant corporate actions via an 8-K filing on February 7, 2025, detailing a 1-for-15 reverse stock split and a move from the NYSE American to the Nasdaq Stock Market. The reverse stock split, effective February 10, 2025, at 5:30 PM ET, aims to adjust the number of outstanding shares, with fractional shares rounded up to the nearest whole number. Concurrently, the company is reducing its authorized common stock to approximately 143.3 million shares, proportionate to the reverse split. This strategic move is accompanied by a listing transfer to Nasdaq, with trading expected to commence on February 11, 2025, under the existing ticker symbol "GSAT" and a new CUSIP number. The company anticipates its last day of trading on the NYSE American will be February 10, 2025. These changes, including adjustments to equity awards and warrants, are intended to position the company for its next phase of growth and enhance its market presence.
Key Highlights
- 1Globalstar (GSAT) will implement a 1-for-15 reverse stock split effective February 10, 2025.
- 2The company is transferring its stock listing from NYSE American to the Nasdaq Stock Market.
- 3Trading on Nasdaq is expected to begin on February 11, 2025, under the ticker symbol "GSAT".
- 4The number of authorized shares of common stock will be reduced to approximately 143,333,334 post-split.
- 5Fractional shares resulting from the reverse split will be rounded up to the next whole share.
- 6The company's last day of trading on NYSE American is scheduled for February 10, 2025.
- 7Adjustments will be made to outstanding equity awards, incentive plans, and warrants to reflect the reverse stock split.