…decided to maintain Globalstar‘s listing through the end of the year. Previously, Globalstar had reported that the Staff of The NASDAQ Stock Market LLC had notified the Company that its securities would be delisted from The NASDAQ Capital Market for failure to maintain a closing bid price of its common stock of at least $1.00 per share, pending the Company’s right to appeal the Staff determination.
Globalstar requested a hearing and presented evidence supporting a further extension through the end of the year. The Panel granted Globalstar’s request, finding that Globalstar “has made a persuasive case that its difficulties in completing the launch of the constellation are behind it and that the longer-term prospects for value to shareholders upon completion of the launch are substantial.”
“On behalf of all of our employees, customers and shareholders, I want to thank the Panel Members for their thoughtful consideration,” said Jay Monroe, Chairman and CEO of Globalstar, Inc.
Additionally, Globalstar announced that it has taken delivery of the first two spacecraft for the fourth launch of six, second-generation satellites. The satellites have arrived at the Baikonur Cosmodrome, where they will undergo preparations for a scheduled February 4, 2013 launch. The remaining four satellites are scheduled to be delivered in the coming weeks.
Finally, Globalstar announced that satellite manufacturer Thales Alenia Space has delivered the software patch to remedy a previously reported momentum wheel issue affecting a satellite currently in orbit. Thales and Globalstar will upload the software to the satellite over the next few days. Once testing of the new software is complete, Globalstar expects to place the satellite back into commercial service during the month of November.
