Globalstar (GSAT) announced its intent to transfer its common stock listing to Nasdaq in the first quarter of 2025. In connection with this planned uplisting, the company also announced that its board of directors has authorized a reverse stock split of its common stock, which is also expected to take place in the first quarter of 2025 at a ratio to be determined closer to the effective date. The reverse stock split is intended to align trading fundamentals with peers, improve liquidity and attract greater investment participation from a more diverse and larger set of institutional investors. Globalstar has submitted its application to list on the Nasdaq and the company is working with Nasdaq to complete the transfer in connection with the effective date of the reverse stock split. The company’s common stock will continue trading on the NYSE American until the uplisting is complete.
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- Globalstar price target raised to $4 from $3.75 at B. Riley
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- Globalstar sees FY24 revenue $245M-$250M, consensus $240.37M
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