Globalstar Transfers to Nasdaq Global Select Market

February 07, 2025

Globalstar announced that it intends to (i) implement the previously-disclosed reverse stock split and related charter amendments and to voluntarily transfer the listing of its common stock, par value $0.0001 per share (the “Common Stock”) from the NYSE American LLC (“NYSE American”) effective following the close of trading on February 10, 2025, and (ii) transfer the listing of its Common Stock to the Nasdaq Global Select Market (“Nasdaq”) effective February 11, 2025. Upon transferring, Globalstar expects to meet the eligibility requirements for inclusion in the Nasdaq Composite Index.

“This strategic decision to complete a reverse stock split and uplist to the Nasdaq Global Select Market reflects the 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,” said Dr. Paul E. Jacobs, Chief Executive Officer of Globalstar.

The Company plans to file today with the Delaware Secretary of State a Certificate of Amendment to the Company’s certificate of incorporation to (i) effect the reverse stock split at a ratio of 1 for 15 for each share of Common Stock effective as of February 10, 2025 at 5:30 PM ET (the “Effective Time”) and (ii) reduce the number of shares of Common Stock authorized under the certificate of incorporation in proportion to the reverse stock split ratio.

As a result of the implementation of the reverse stock split, every 15 shares of issued and outstanding Common Stock will be automatically combined at the Effective Time into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares will be issued as a result of the reverse stock split. Any fractional shares that would otherwise have resulted from the reverse stock split will be rounded up the next whole number. The number of authorized shares of Common Stock under the Company’s certificate of incorporation as amended by the Certificate of Amendment will be reduced to 143,333,334 shares of Common Stock.

Furthermore, as a result of the reverse stock split, the Company expects the last day of trading of its Common Stock on the NYSE American to be February 10, 2025. The Company expects its Common Stock will begin trading on the Nasdaq on a split-adjusted basis under new CUSIP number 378973507 on February 11, 2025, the first trading day after the Effective Time, and will continue to trade under the symbol “GSAT.”

Computershare Trust Company, N.A. (“Computershare”), the Company’s transfer agent, will act as the exchange agent for the reverse stock split. Stockholders with certificated shares will receive a letter of transmittal from Computershare with instructions on how to surrender certificates representing pre-split shares. Stockholders with book-entry shares or who hold their shares through a bank, broker or other nominee will not need to take any action.