Mobile satellite operator Globalstar has filed applications with both the Nasdaq stock market and the New York Stock Exchange to list its common stock for trading.
The move comes just over two years after the company delisted from Nasdaq after it failed…
Mobile satellite operator Globalstar has filed applications with both the Nasdaq stock market and the New York Stock Exchange to list its common stock for trading.
The move comes just over two years after the company delisted from Nasdaq after it failed to comply with listing rules that require a minimum bid price of US$1 per share.
In the interim, Globalstar’s shares have traded over the counter (OTC) under its GSAT symbol.
The satellite operator stated that it believes it currently meets all eligibility requirements of the stock exchanges with the exception of the duration period above the minimum closing share price requirement. Both NYSE and Nasdaq are initiating reviews of the company’s listing eligibility.
Globalstar said that it intends to select one of the markets based upon their respective listing application process and review in order to ensure that its common stock is listed for trading in a timely fashion.
Commenting on the application, Jay Monroe, chairman and CEO of Globalstar said: “We are pleased to be in a position to list on one of these two prestigious exchanges in the near future.
“Our stockholders want enhanced trading liquidity and market visibility, and we look forward to completing this process as soon as possible in order to meet their requests.”
The move reflects the turnaround in Globalstar’s fortunes over the past two years. With its second generation satellite system finally up and running and its Coface-guaranteed debt facility successfully restructured, the company has returned to profit.
It is also attracting investor interest due to the potential value of its S-band spectrum licence in North America. In November 2013, the FCC issued a Notice of Proposed Rulemaking to commence a formal proceeding into whether it will allow Globalstar to deploy a terrestrial broadband network using its spectrum in the 2.4GHz band.
Monroe previously told SatelliteFinance that he was confident a successful outcome.
“I’m highly confident. Everything that we are hearing from the Commission is that it is supported at every level and we would hope that it would come out soon,” Monroe said.
