Globalstar Announces Secondary Offering of Voting Common Stock
December 07 2017 - 4:30PM
Globalstar, Inc. (“Globalstar”) (NYSE American:GSAT), a leading
provider of mobile satellite voice and data services to businesses,
governments and consumers, today announced an offering of
38,000,000 shares of Globalstar’s voting common stock on an
underwritten basis by FL Investment Holdings, LLC, a stockholder
affiliated with Thermo Capital Partners, LLC (“Thermo”) and
controlled by James Monroe III, the Chairman of the Board and Chief
Executive Officer of Globalstar, to Morgan Stanley, as the
underwriter in a registered offering of these shares (the
“offering”). Thermo is selling these shares, representing
approximately 4% of its holdings in Globalstar on a fully diluted
basis, for tax planning purposes.
Morgan Stanley proposes to offer for sale the
shares of voting common stock from time to time in one or more
transactions on the NYSE American, in the over-the-counter market,
through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices, subject to receipt and
acceptance by it and subject to its right to reject any order in
whole or in part.
The offering is expected to close and settle on
December 12, 2017, subject to customary closing conditions.
Globalstar is not selling any shares of voting common stock in the
offering and will not receive any of the proceeds of the
offering.
A shelf registration statement (including a
prospectus) relating to the offering of the voting common stock has
previously been filed with the U.S. Securities and Exchange
Commission (the “SEC”) and has become effective. The offering
will be made only by means of a preliminary prospectus supplement
related to the offering being filed today by the Company with the
SEC. Before investing, interested parties should read the
preliminary prospectus supplement and the accompanying prospectus
and other documents filed with the SEC for information about
Globalstar and this offering. You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, a copy of the preliminary prospectus supplement and
the accompanying prospectus, and the final prospectus supplement,
when available, may be obtained from the underwriter at: Morgan
Stanley & Co. LLC, Attn: Prospectus Department – 180 Varick
Street, 2nd Floor, New York, NY 10014.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Globalstar,
Inc.Globalstar is a leading provider of mobile satellite
voice and data services. Customers around the world in industries
such as government, emergency management, marine, logging, oil
& gas and outdoor recreation rely on Globalstar to conduct
business smarter and faster, maintain peace of mind and access
emergency personnel. Globalstar data solutions are ideal for
various asset and personal tracking, data monitoring, SCADA and IoT
applications. The Company's products include mobile and fixed
satellite telephones, the innovative Sat-Fi satellite hotspot,
Simplex and Duplex satellite data modems, tracking devices and
flexible service packages.
Note that all SPOT products described in this
press release are the products of SPOT LLC, a subsidiary of
Globalstar, which is not affiliated in any manner with Spot Image
of Toulouse, France or Spot Image Corporation of Chantilly,
Virginia.
Investor contact information: Kyle
Pickenskyle.pickens@globalstar.com
Safe Harbor Language for Globalstar Releases
This press release contains certain statements
that are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties which may
cause actual results to differ materially from the forward-looking
statements. Forward-looking statements, such as the statements
regarding our expectations with respect to actions by
communications regulators, future increases in our revenue and
profitability, the consummation of the offering and other
statements contained in this release regarding matters that are not
historical facts, involve predictions. Any forward-looking
statements made in this press release are believed to be accurate
as of the date made and are not guarantees of future performance.
Actual results or developments may differ materially from the
expectations expressed or implied in the forward-looking
statements, and we undertake no obligation to update any such
statements. Additional information on factors that could influence
our financial results is included in our filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K.
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