Globalstar Moves to Nasdaq After Major Stock Restructuring

COVINGTON, La., Feb. 10, 2025 /PRNewswire/ – Globalstar Inc. has successfully completed a reverse stock split and transitioned its stock listing from the NYSE American to the Nasdaq Global Select Market, effective Tuesday. This strategic move aims to enhance the company’s market appeal and attract a wider range of investors.

Under the newly implemented reverse stock split, 15 shares of Globalstar stock have been consolidated into one share. As a result, shares of Globalstar closed at $1.56 on Monday, reflecting a slight increase of five cents. This adjustment is intended to boost the company’s share price, which had seen a significant decline over the past year.

Globalstar’s CEO, Paul Jacobs, expressed optimism about the transition, stating, “Moving to the Nasdaq will make Globalstar more appealing to institutional investors and broaden our investor base.” The switch is significant not only because of the stock restructuring but also due to Nasdaq’s technology focus, which aligns with Globalstar’s core business in telecommunications.

The company operates a global satellite network that provides mobile satellite services, including two-way voice communication and data transmission through in-orbit satellites and ground stations. Globalstar remains focused on enhancing its service offerings, including emergency notification systems, which have garnered interest from prominent tech companies, including Apple.

In conjunction with its stock market transition, Globalstar is also preparing for a major contract with MDA Space Ltd., valued at approximately $1.1 billion CAD. This contract will see MDA Space responsible for manufacturing over 50 MDA AURORATM software-defined satellites, which are designed to enhance Globalstar’s service capabilities in the rapidly evolving satellite communications market.

Jacobs noted the importance of these advancements, saying, “This new generation of satellites will allow for a greater degree of adaptability to meet market demands and could significantly position us against competitors in the satellite service sector.”

Industry analysts are closely monitoring the developments as Globalstar embarks on this pivotal phase in its growth trajectory. The combination of a new stock market home and cutting-edge satellite technology initiatives represents a significant effort to stabilize and elevate the company’s stock performance.