Notice of Automatic Conversion of Globalstar 8.0% Convertible Senior Unsecured Notes
April 16 2014 - 4:39PM
Globalstar, Inc. (OTCQB:GSAT) announced today the automatic
conversion of its 8.0% Convertible Senior Unsecured Notes, CUSIP
number 378973 AB7 ("Securities"), which have an aggregate principal
amount outstanding of $37,816,635. Pursuant to the terms of the
Second Supplemental Indenture, as the closing price of Globalstar's
common stock exceeded 200% of the Conversion Price for a period of
30 consecutive Trading Days, the automatic conversion was
triggered. The conversion is effective on the Automatic Conversion
Date of April 15, 2014. The Securities will be automatically
converted into Globalstar Common Stock using the current Conversion
Price of $1.14. This conversion will result in the issuance of
approximately 34 million shares. On and after the Automatic
Conversion Date, interest on the Securities shall cease to accrue.
Holders must surrender the Securities to the trustee for
conversion. The trustee in this matter is U.S. Bank, National
Association, located at Corporate Trust Department CN-OH-W6CT, 425
Walnut Street, Cincinnati, Ohio 45202. The shares of Common Stock
are expected to be available for delivery to the holders on April
18, 2014.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and
data services. Globalstar offers these services to commercial and
recreational users in more than 120 countries around the world. The
Company's products include mobile and fixed satellite telephones,
simplex and duplex satellite data modems and flexible service
packages. Many land based and maritime industries benefit from
Globalstar with increased productivity from remote areas beyond
cellular and landline service. Global customer segments include:
oil and gas, government, mining, forestry, commercial fishing,
utilities, military, transportation, heavy construction, emergency
preparedness, and business continuity as well as individual
recreational users. Globalstar data solutions are ideal for various
asset and personal tracking, data monitoring and SCADA
applications. Note that all SPOT products described in this or any
Globalstar press release are the products of Spot LLC, which is not
affiliated in any manner with Spot Image of Toulouse, France or
Spot Image Corporation of Chantilly, Virginia. SPOT Connect is a
trademark of Spot LLC.
For more information regarding Globalstar, please visit
Globalstar's web site at globalstar.com
CONTACT: L. Barbee Ponder
General Counsel & Vice President Regulatory Affairs
Phone: (985) 335-1503
barbee.ponder@globalstar.com
Globalstar (AMEX:GSAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Globalstar (AMEX:GSAT)
Historical Stock Chart
From Apr 2023 to Apr 2024