COVINGTON, La., Dec. 20, 2012 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), today announced that it received notice from the Listing Qualifications Department of the NASDAQ Stock Market (NASDAQ) 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.
As Globalstar previously announced, in September, 2011, NASDAQ notified the Company that its common stock was no longer in compliance with the minimum $1.00 per share bid price requirement for continued listing. As a result of an appeal initiated by the Company, the period for compliance was extended and any delisting was deferred. Globalstar recently requested a further extension of the compliance period and a deferral of delisting, which was declined by NASDAQ in the notice received on December 19, 2012.
Effective Friday, December 21, 2012, the Company anticipates that its common stock will trade over the counter (OTC) under its current symbol, GSAT.Jay Monroe, Chairman and CEO of Globalstar, Inc., stated, "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." About Globalstar, Inc. Globalstar is a leading 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 products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications. Note that all SPOT products described in this or any Globalstar press release are the products of Spot LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia. SPOT Connect is a trademark of Spot LLC.
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