Globalstar Inc Plans Nasdaq Listing

Investing.com – Globalstar Inc (NYSE:GSAT) plans to shift its stock listing to the Nasdaq Global Select Market in early 2025 and execute a reverse stock split to boost visibility and attract more institutional investors.

The reverse split aims to improve trading fundamentals, align the stock with industry peers, and attract greater investment participation. This move will take place in the first quarter of 2025, with the exact ratio to be determined closer to the effective date.

Until the uplisting is complete, Globalstar shares will continue trading on the NYSE American.

Chief Executive Officer Paul Jacobs stated, "With these changes (Nasdaq uplisting, reverse stock split), we expect to enhance our visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity."

Jacobs added, "Our reverse split will better align with trading dynamics and technical characteristics of our industry peers, which we expect will unlock value for our shareholders over the near and long term."

Earlier this month, Globalstar announced a $1.1 billion investment from Apple (NASDAQ:AAPL) to expand iPhone communication services, which included Apple purchasing a 20% equity stake in Globalstar for $400 million.

Globalstar plans to provide additional details at its investor day on December 12.

The tech-heavy Nasdaq is home to giants like Apple, Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL).