Globalstar plans to shift listing to Nasdaq, announces reverse stock split

Investing.comNov 18, 2024 6:22 PM

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Investing.com - Globalstar Inc (NYSE:GSAT). plans to shift its stock listing to the Nasdaq Global Select Market in early 2025 and execute a reverse stock split to boost visibility and attract more institutional investors, the satellite communications provider said on Monday.

The reverse split, aimed at improving trading fundamentals, aligning the stock with industry peers, and attract greater investment participation, will take place in the first quarter of 2025, with the exact ratio to be determined closer to the effective date.

Until the uplisting is complete, Globalstar shares will continue trading on the NYSE American, the company said in a statement.

“With these changes (Nasdaq uplisting, reverse stock split) we expect to enhance our visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity,” Chief Executive Officer Paul Jacobs said

“Our reverse split will better align with trading dynamics and technical characteristics of our industry peers, which we expect will unlock value for our shareholders over the near and long-term.”

Earlier this month, Globalstar announced a $1.1 billion investment from Apple (NASDAQ:AAPL) to expand iPhone communication services. The deal also included Apple purchasing a 20% equity stake in Globalstar for $400 million.

Globalstar plans to provide additional details at its investor day on Dec. 12.

Tech-heavy Nasdaq is home to giants like Apple, Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL)

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