Globalstar, Inc. (OTC: GSAT) reported it has exercised the automatic conversion right contained in the terms of its 5.0% convertible senior unsecured notes, which have an aggregate principal amount outstanding of USD25,204,249.17.
The securities will be automatically converted into Globalstar common stock using the current conversion price of USD0.50 and a “make-whole premium” of 103 additional shares of common stock per USD1,000 of securities. This will result in the issuance of approximately 54 million shares.
Globalstar is a provider of mobile satellite voice and data services to commercial and recreational users in more than 120 countries around the world. The company´s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. For more information regarding Globalstar, visit Globalstar.com.