Globalstar Announces Plans to Transfer Its Stock Listing to Uplist on Nasdaq

The Company also announces board approval of a reverse stock split, expected to enhance trading fundamentals and increase institutional investor participation

November 18, 2024

Globalstar, Inc. announced its intent to transfer its common stock listing to the Nasdaq Global Select Market (the “Nasdaq”) in the first quarter of 2025. In connection with this planned uplisting, the Company also announced that its Board of Directors has authorized a reverse stock split of its common stock, which is also expected to take place in the first quarter of 2025 at a ratio to be determined closer to the effective date. The reverse stock split is intended to align trading fundamentals with peers, improve liquidity and attract greater investment participation from a more diverse and larger set of institutional investors.

Globalstar has submitted its application to list on the Nasdaq Global Select Market and the Company is working with Nasdaq to complete the transfer in connection with the effective date of the reverse stock split. The Company's common stock will continue trading on the NYSE American until the uplisting is complete.

“This strategic decision to transfer to the Nasdaq, coupled with a reverse stock split, reflects the exciting momentum and strong growth trajectory in our business. With these changes, we expect to enhance our visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity. At the same time, our reverse split will better align with trading dynamics and technical characteristics of our industry peers, which we expect will unlock value for our shareholders over the near and long-term. We look forward to discussing these initiatives in more detail at our upcoming investor day on December 12,” said Dr. Paul E. Jacobs, Chief Executive Officer of Globalstar.