Globalstar decides to accept delisting from NASDAQ
Dec 20, 2012 (TELECOMWORLDWIRE via COMTEX) --
Globalstar, Inc. (NASDAQ: GSAT) (OTC: GSAT) said it received notice from the Listing Qualifications Department of the NASDAQ Stock Market that Globalstar's common stock will be delisted effective at the opening of business on Friday, December 21, 2012.
NASDAQ is taking this action due to the company's common stock trading below the minimum bid price of $1.00 in excess of the period permitted by NASDAQ listing rules.
Effective Friday, December 21, 2012, the company anticipates that its common stock will trade over the counter under its current symbol, GSAT.
Jay Monroe, chairman and CEO of Globalstar, Inc., said, "The board of directors carefully deliberated, over an extended period of time, the advantages and disadvantages of effecting a reverse stock split in order to seek to regain compliance with NASDAQ's listing qualifications, and decided that doing so was not in the company's or its stockholders' best interests at this time. We remain keenly focused on the execution of our satellite communications and spectrum strategies to drive stockholder value, including completing our fourth Second-Generation satellite launch. We fully intend to seek listing on an accredited exchange as soon as it is feasible to do so."
Globalstar is a provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The company's website is at www.globalstar.com
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