Notice of Automatic Conversion of Globalstar 5.0% Convertible Senior Unsecured Notes
November 08 2013 - 4:05PM
Globalstar, Inc. (OTCQB:GSAT) announced today that it has exercised
the automatic conversion right contained in the terms of its 5.0%
Convertible Senior Unsecured Notes, CUSIP number 378973 AC5
("Securities"), which have an aggregate principal amount
outstanding of $25,204,249.17. The Securities will be automatically
converted into Globalstar Common Stock using the current Conversion
Price of $0.50 and a "Make-Whole Premium" of 103 additional shares
of Common Stock per $1,000 of Securities. This will result in
the issuance of approximately 54 million shares. The
conversion is effective on the Automatic Conversion Date of
November 7, 2013. On or 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 November 11, 2013.
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.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 Apr 2024 to May 2024
Globalstar (AMEX:GSAT)
Historical Stock Chart
From May 2023 to May 2024