Globalstar exits NYSE to join NASDAQ
January 24, 2025
By Chris Forrester
Satellite operator Globalstar, which already has Apple as a major investor, has “voluntarily” decided to quit the New York Stock Exchange (NYSE) and to join the NASDAQ exchange.
The satellite operator will also carry out a reverse stock split. Globalstar has filings (using German and French regulators) to launch 3,080 satellites, but it must launch and deploy 10 per cent of the planned fleet by 2027 or 2029 (depending on which filings are used) in order to fulfil ITU obligations.
“The Company believes that the voluntary delisting of its Common Stock from the NYSE American and transfer of its listing to NASDAQ, in combination with the Reverse Stock Split, could make the Common Stock more attractive to a broader range of investors,” said a company statement.
Globalstar’s last day of NYSE trading will be February 10th, and trading will start on the NASDAQ on February 11th.
The company has around 260,000 “active” subscribers and generating $44 million (in 2023 results). Its satellite fleet helped in 10,000 rescues last year. It says it is currently serving around 481,000 active devices with its Internet of Things services.
This year (2025) it is forecasting revenue guidance of $260-$285 million, and longer term expectations see revenues doubling to more than $495 million.
December 3rd 2024 saw the FCC renew Globalstar’s key Mobile Earth Terminal licences for a 15-year period.
There has been speculation – wholly unconfirmed – that Apple could buy the company.