Form 8-K Globalstar, Inc. For: Feb 27

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Go back to Form 8-K Globalstar, Inc. For: Feb 27

GlobalStar (GSAT) gains on $252M Apple pre-payment

February 28, 2023 1:47 PM EST

GlobalStar (NYSE: GSAT) shares are up 8% Tuesday after disclosing that a partner, likely Apple (NASDAQ: AAPL), prepaid $252 million to the Company.

From the company:

On February 27, 2023, Globalstar, Inc. (the Company) and its partner (the Partner) agreed to amend its previously disclosed Partnership Agreements to provide for, among other things, the Partners prepayment of $252 million to the Company (the Prepayment). The Company plans to use the proceeds of the Prepayment to pay amounts currently due and payable, and future amounts due, under its previously disclosed Satellite Procurement... More