COVINGTON, La., Dec. 07, 2017 (GLOBE NEWSWIRE) -- Globalstar, Inc. (“Globalstar”) (NYSE American:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, today announced an offering of 38,000,000 shares of Globalstar’s voting common stock on an underwritten basis by FL Investment Holdings, LLC, a stockholder affiliated with Thermo Capital Partners, LLC (“Thermo”) and controlled by James Monroe III, the Chairman of the Board and Chief Executive Officer of Globalstar, to Morgan Stanley, as the underwriter in a registered offering of these shares (the “offering”). Thermo is selling these shares, representing approximately 4% of its holdings in Globalstar on a fully diluted basis, for tax planning purposes.
Morgan Stanley proposes to offer for sale the shares of voting common stock from time to time in one or more transactions on the NYSE American, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part.
The offering is expected to close and settle on December 12, 2017, subject to customary closing conditions. Globalstar is not selling any shares of voting common stock in the offering and will not receive any of the proceeds of the offering.
A shelf registration statement (including a prospectus) relating to the offering of the voting common stock has previously been filed with the U.S. Securities and Exchange Commission (the “SEC”) and has become effective. The offering will be made only by means of a preliminary prospectus supplement related to the offering being filed today by the Company with the SEC. Before investing, interested parties should read the preliminary prospectus supplement and the accompanying prospectus and other documents filed with the SEC for information about Globalstar and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, a copy of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement, when available, may be obtained from the underwriter at: Morgan Stanley & Co. LLC, Attn: Prospectus Department – 180 Varick Street, 2nd Floor, New York, NY 10014.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Customers around the world in industries such as government, emergency management, marine, logging, oil & gas and outdoor recreation rely on Globalstar to conduct business smarter and faster, maintain peace of mind and access emergency personnel. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring, SCADA and IoT applications. The Company's products include mobile and fixed satellite telephones, the innovative Sat-Fi satellite hotspot, Simplex and Duplex satellite data modems, tracking devices and flexible service packages.
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.
Investor contact information:
Kyle Pickens
kyle.pickens@globalstar.com
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 actions by communications regulators, future increases in our revenue and profitability, the consummation of the offering 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.