Globalstar has priced its initial public offering of 7,500,000 shares (increased from 6,500,000) of common stock at $17.00 per share
November 2, 2006
MILPITAS, Calif. -- Globalstar, Inc. (NASDAQ:GSAT), a leading provider of mobile satellite voice and data services to businesses and individuals, announces that it has priced its initial public offering of 7,500,000 shares (increased from 6,500,000) of common stock at $17.00 per share. All of the shares are being offered by Globalstar, Inc. The common stock will begin trading today on the NASDAQ Global Select Market under the symbol "GSAT." The CUSIP number for the common stock is 378 973 4 08.
Globalstar intends to use substantially all the net proceeds from this offering to fund in part the procurement and launch of its second-generation satellite constellation and related upgrades to its gateways and other ground facilities.
Wachovia Capital Markets, LLC and J.P. Morgan Securities Inc. are serving as joint bookrunners of the offering. Jefferies & Company is serving as co-manager of the offering. Globalstar has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares to cover over-allotments, if any.
Globalstar Inc. (Nasdaq: GSAT)
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