Las Vegas, NV -- (SBWIRE) -- 12/03/2013 -- Globalstar, Inc. (OTCMKTS:GSAT) announced that it signed agreement with Hughes Network Systems in August 2013 to elect to get shares. Hughes could do so at its sole option and have common stock in lieu of cash payments.
Globalstar says that that Hughes exercised its option to receive about $4.3 million voting common stock of GSAT on November 15, 2013. The company is thus issuing its stock to Hughes at a 7% discount.
The company issued its 3,166,474 voting common stock shares to Hughes. The share is issued at $1.35 price per share. The company will file a registration statement to cover resale of up to $14,500,000 of voting common stock.
Globalstar, Inc. offers mobile voice and data communications services worldwide through satellite. The satellite communications business of company serves clients like government, oil and gas; maritime and fishing; natural resources, mining and forestry; utilities and transportation. The company serves by delivering mobile communications to subscriber’s hat exceed 486,000 in number.
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