|From: Geoff Goodfellow||12/18/2018 4:32:32 PM|
|Globalstar, Inc. Announces Proposed Public Offering of $60 Million in Shares of Voting Common Stock|
Covington, LA, 12/18/2018 3:01:00 PM - Globalstar, Inc. (“Globalstar”) (NYSE American: GSAT), a leading provider of mobile satellite voice and data services to businesses, governments, and individuals, today announced that it has commenced an offer of $60 million in shares of voting common stock in a registered underwritten public offering. The offering will be subject to market and other conditions. In addition, Globalstar intends to grant the underwriter a 30-day option to purchase up to $9 million in additional shares of voting common stock.
As required by the credit agreement with its senior lenders (the “Facility Agreement”), Globalstar intends to deposit 80% of the net proceeds from the offering in a restricted account for the benefit of the lenders under the Facility Agreement. The proceeds held in this restricted account, together with a portion of cash on hand, will be used to pay principal and interest due under the Facility Agreement in December 2018. Globalstar expects that the remainder of the proceeds from the offering will be used for general corporate purposes.
The offering will be made only to qualified and readily identifiable Globalstar stockholders on a pro rata basis, pursuant to the terms of a settlement agreement entered into in connection with a shareholder action previously filed against Globalstar. In connection with the settlement agreement, Globalstar’s controlling shareholder, Thermo Funding II, LLC and its affiliates, Mudrick Capital Management, L.P. and Warlander Asset Management have agreed to purchase their pro rata share of the offering and to backstop the balance offered to, but not purchased by, other Globalstar stockholders, on a pro rata basis based on their respective ownerships of Globalstar’s common stock.
Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.
The offering is being made pursuant to an effective registration statement filed with the Securities and Exchange Commission (the “SEC”). Before investing, please read the prospectus and the related prospectus supplement for the offered shares in the registration statement and other documents Globalstar has filed with the SEC for more complete information about Globalstar and this offering. These documents are available for free and may be obtained by visiting the SEC website at sec.gov. Alternatively, copies of the prospectus and prospectus supplement are available by contacting Cantor Fitzgerald & Co. LLC, Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by email at email@example.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law 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, M2M 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.
Investor contact information:
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 future increases in our revenue and profitability, the completion of the proposed public offering of shares 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 SEC, including the prospectus and the prospectus supplement, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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|From: Geoff Goodfellow||2/1/2019 6:18:44 PM|
|2019-02-01 SEC 8-K: NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER DERIVATIVE ACTION|
TO: ALL RECORD AND BENEFICIAL HOLDERS OF COMMON STOCK
OF GLOBALSTAR, INC. AS OF THE CLOSE OF BUSINESS ON
DECEMBER 14, 2018 (“CURRENT GLOBALSTAR STOCKHOLDERS”)
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|From: pcstel||2/6/2019 2:23:34 PM|
|Iridium Declares Victory|
MCLEAN, Va., Feb. 6, 2019 / PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM) today hailed the completion of its $3 billion satellite constellation upgrade campaign known as Iridium® NEXT, during a press conference held at the National Press Club in Washington, D.C. During the press conference, the company also used the opportunity to introduce a new small-form-factor transceiver known as the Iridium CertusSM 9770, which will enable creation of new consumer and industrial applications that are highly portable and IoT-friendly, optimized for small size and low cost, yet with higher speeds than in the past thanks to the upgraded Iridium satellite network.
The completion of the Iridium NEXT campaign comes as the final two satellites required to complete the network refresh were activated on February 5th at approximately 2:15 p.m. EST. With a fully operational constellation, featuring 66 new Iridium satellites and no further launches planned, Iridium has concluded its nearly decade-long capital-intensive program that created an upgraded network both in space and on the ground. After spending several hundred million dollars per year to build and deploy the new network, Iridium expects capital costs to decrease to approximately $35 million per year, with revenues continuing to grow as the company expands into newer revenue streams like broadband, IoT and hosted payloads.
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"The completion of the Iridium NEXT program signifies a new chapter in the Iridium story, one that sees us transforming from a big cash spender to a big cash generator," said Iridium CEO Matt Desch. "This is the realization of a long, successful climb, and reaching the peak, it's gratifying to know the future of the company is secure, and we have now financially matured as a satellite operator. Huge thanks are in order to our entire team, particularly our friends at SpaceX and our prime satellite manufacturer Thales Alenia Space and their teams."
First announced in 2010, the Iridium NEXT campaign featured eight launches with SpaceX. In total, 81 satellites were built by prime contractor Thales Alenia Space, of which 75 were launched, with 66 in the operational constellation and nine serving as on-orbit spares. Thales Alenia Space was responsible for design and integration of the new satellites, including launch and early operations testing in partnership with Iridium's team at the company's Satellite Network Operations Center in Virginia.
The upgraded Iridium constellation enables never before possible services such as the AireonSM global aircraft tracking and surveillance system and Iridium Certus, the company's new broadband service, which launched commercially in January 2019. The upgraded network is also fully compatible with the original satellite constellation's services, a notable accomplishment given the size and scope of the upgrade.
Jean-Loic Galle, CEO of Thales Alenia Space remarked: "The 75 in-orbit satellites are working very well, and the overall end-to-end performance improvement for existing customers is dramatic. Two years after the first launch, Iridium NEXT, one of the most sophisticated communication systems in the world, is now totally deployed and fully operational. All the satellites are interconnected, and we have ensured a continuity of service without any interruption. We did it! And we did it together – together with the Iridium team, our customer with whom we worked all these years much more as a partner than as a customer, together with Northrop Grumman, with all our subcontractors, and with SpaceX. I'm convinced this one-team spirit was the secret of that success story."
The new Iridium Certus 9770 transceiver, also introduced during today's press conference, is a game changer for satellite IoT, aviation, maritime and consumer services, enabling low-cost, small devices that can make more efficient and higher speed connections than its predecessors. Built on the Iridium Certus technology platform, applications and devices made with the new transceiver will feature a range of speeds optimized for efficiently sending data to and from the user, typically in the range of less than 100kbps. The Iridium Certus 9770 is the first in a series of new devices that will augment Iridium's existing transceivers with approximately the same form-factor as existing narrowband antennas used widely today in aviation, maritime, IoT and land-mobile markets, but using native IP technology at up to 35 times the speed as current devices. This supports telemetry, pictures, high-quality voice calling, emails, internet access and more, at highly competitive prices. Select licensed manufacturers of Iridium can expect to receive prototypes of the device around mid-2019.
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