Globalstar issues shares for $11.7 million in 5.75% convertibles

By Devika Patel

Knoxville, Tenn., Dec. 10 - Globalstar, Inc. issued 10,931,162 shares of common stock in exchange for $11.7 million of its 5.75% senior convertible notes due 2028, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Globalstar did not receive any cash proceeds as a result of the exchange. The notes will be retired and cancelled.

Milpitas, Calif.-based Globalstar is a provider of satellite voice and data services.

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