Globalstar, Inc. announced its transfer of common stock listing from the NYSE American to the Nasdaq Global Select Market, effective February 11, 2025. Concurrently, the company implemented a 1-for-15 reverse stock split, effective February 10, 2025, at 5:30 PM ET.
As a result of the reverse stock split, every 15 shares of issued and outstanding common stock were automatically combined into one share, without changing the par value. Fractional shares were rounded up to the next whole number, and the number of authorized shares was reduced to 143,333,334.
Dr. Paul E. Jacobs, CEO of Globalstar, stated that these strategic decisions reflect the strong growth trajectory of the business and are expected to enhance visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity. The company's common stock began trading on Nasdaq on a split-adjusted basis under the symbol 'GSAT' on February 11, 2025.
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