Globalstar, Inc. (NYSE American: GSAT) today announced that all remaining warrants issued to its second lien lenders in November 2019 have been exercised. These warrants were exercised for shares of common stock resulting in total proceeds to Globalstar of $47.3 million. This equity issuance satisfies the Company’s requirement in its loan agreements to raise a minimum of $45 million of equity by March 30, 2021.

As required by the Company’s debt agreements, these proceeds will be used to pay principal outstanding under its first lien loan agreement. Following this payment, the remaining principal outstanding under this agreement (net of restricted cash) will be reduced to approximately $84 million, of which $58 million is due on the final maturity date of December 31, 2022.

Dave Kagan, Chief Executive Officer, commented, "We are pleased to have this milestone behind us and welcome our second lien lenders as equity holders. While driving forward several strategic initiatives, we continue to meaningfully deliver our balance sheet. We are on sound footing relative to our remaining debt repayment obligations with less than $6 million due in scheduled principal payments over the next twelve months. Our solid liquidity position as well as the recent positive developments relative to both our satellite and terrestrial spectrum assets should offer opportunities to continue to improve the balance sheet, including the opportunity to pursue a refinancing of the second lien debt to reduce borrowing costs. This is a very exciting time to be part of Globalstar.”

The Company will file a prospectus supplement concurrent with this release to facilitate resale of the shares issued to the warrant holders, other than Thermo. This prospectus supplement does not relate to any new financing, nor does it indicate an intention of any holders to sell their shares.

About Globalstar, Inc.

Globalstar is a leading provider of customizable Satellite IoT Solutions for customers around the world in industries such as oil and gas, transportation, emergency management, government, maritime and outdoor recreation. A pioneer of mobile satellite voice and data services, Globalstar solutions connect people to their devices and allow businesses to streamline operations providing safety and communication and enabling mobile assets to be monitored remotely via the Globalstar Satellite Network. The Company's Commercial IoT product portfolio includes industry-acclaimed SmartOne asset tracking products, Commercial IoT satellite transmitters and the SPOT® product line for personal safety, messaging and emergency response, all supported on SPOT My Globalstar, a robust cloud-based enhanced mapping solution. Learn more at

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.

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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 the pursuit of terrestrial spectrum authorities globally, future increases in our revenue and profitability, 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.

Investor Contact Information: Denise Davila Email:

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