In the last trading session, the stock price of Globalstar Inc (NYSEAmerican:GSAT) gained more than 4% to close the day at $1.33. More recently, the company reported an offering, on an underwritten basis, of 38 million shares of firm’s voting common stock by FL Investment Holdings, LLC, a shareholder associated with Thermo Capital Partners, LLC and run by James Monroe III, the Chief Executive Officer and Chairman of the Board of firm, to Morgan Stanley, as the underwriter in the offering. Thermo Capital Partners is offering these shares, exhibiting around 4% of its holdings in company on a fully diluted basis, intended for tax planning uses.
The details
Morgan Stanley intends to offer for sale the equities of voting common stock regularly in one or more deals on the NYSE American, in the OTC market, via negotiated deals or otherwise at market rates prevailing at the point of sale, at rates related to current market prices or at negotiated rates, subject to acceptance and receipt by it and based on its right to discard any order in part or in whole. The offering is anticipated to close on December 12, 2017.
For Q3 2017, Globalstar total revenue increased by $4.9 million over the same quarter of 2016. This jump resulted mainly from higher service revenue led by growth in total subscribers and ARPU. A jump in revenue of subscriber equipment sales also led to this growth. On the regulatory aspect, they continue to record progress on their global plans to internationally harmonize their 16.5 MHz of approved 2.4 GHz spectrum meant for terrestrial services.
Globalstar is engaged in substantive talks with several global regulatory agencies, including numerous nations where they have submitted applications, exhibiting a combined population of more than 800 million people. They are delighted with the promising reception to date and project to get their initial global terrestrial authority nod in the imminent future.
