Globalstar, Inc. SEC Filings

COWAN KEITH O reported acquisition or exercise transactions in this Form 4 filing.

Globalstar, Inc. director Keith O. Cowan received an award of 3,333 shares of Voting Common Stock as restricted stock under the company’s Equity Incentive Plan. The granted shares vest on May 11, 2027. After this award, Cowan directly holds 61,746 shares of Globalstar common stock.

Globalstar, Inc. director William A. Hasler received an equity compensation grant of 3,333 shares of Voting Common Stock. The award is in the form of restricted stock under the company’s Equity Incentive Plan, carries no cash exercise price, and vests on May 11, 2027.

After this grant, Hasler directly holds 65,546 shares of Globalstar common stock. Because this is a stock award rather than an open-market purchase or sale, it reflects routine director compensation rather than a discretionary trading decision.

Globalstar, Inc. vice president of finance and operations Timothy Evan Taylor reported an equity compensation grant and updated his holdings. He received an award of 3,333 shares of Voting Common Stock at $0.00 per share as a restricted stock grant under the company’s Equity Incentive Plan. These awarded shares vest on May 11, 2027, meaning they must satisfy time-based conditions before fully belonging to him. After this grant, Taylor directly holds 255,467 shares of Voting Common Stock and is also reported as indirectly owning 320,244 shares through Thermo Investments III, LLC. The filing reflects a routine compensation-related acquisition rather than an open-market purchase or sale.

Wolff Benjamin G reported acquisition or exercise transactions in this Form 4 filing.

Globalstar, Inc. director Benjamin G. Wolff reported an equity compensation grant in the form of restricted Voting Common Stock. He received 3,333 shares at no cash cost under the company’s Equity Incentive Plan, increasing his direct holdings to 60,827 shares after the award.

The awarded restricted shares are scheduled to vest on May 11, 2027, meaning they are subject to continued service or other plan conditions until that date. This filing reflects a routine compensation-related share award rather than an open-market stock purchase or sale.

Globalstar, Inc. held its 2026 annual stockholders meeting on May 13, 2026. Stockholders elected Class B directors James F. Lynch and Timothy E. Taylor to terms running until the 2029 annual meeting, or until successors are elected and qualified.

Shareholders also ratified Ernst & Young LLP as independent registered public accounting firm for 2026 and approved, on an advisory basis, compensation for the company’s named executive officers. Of 128,591,126 shares outstanding as of March 23, 2026, 115,549,917 were represented in person or by proxy, providing a strong quorum for the votes.

Globalstar, Inc. reported higher revenue but continued losses for the quarter ended March 31, 2026 while preparing for a planned acquisition by Amazon. Total revenue rose to $70.1 million from $60.0 million, driven mainly by wholesale capacity services, largely tied to its major customer, Apple, which accounted for 66% of revenue. Service revenue reached $66.7 million, with Commercial IoT and government services both growing year over year.

The company posted an operating profit of $8.2 million, compared with an operating loss a year earlier, helped by lower depreciation and stock-based compensation, but higher interest expense and derivative losses pushed it to a net loss of $17.4 million, or $0.16 per share. Cash and cash equivalents were $358.4 million, down from $447.5 million, reflecting heavy investment in new satellites and the Extended MSS Network.

Total assets were $2.38 billion, including $1.43 billion of property and equipment, while total liabilities were $2.03 billion, leaving stockholders’ equity at $342.8 million. Globalstar continues large capital projects with MDA Space and SpaceX to build and launch replacement and third-generation satellites, supported by substantial prepayments and funding structures with its key customer. After quarter-end, the company signed a merger agreement under which Amazon would acquire Globalstar, with consideration payable in cash and/or Amazon stock, subject to regulatory approvals and milestone-based adjustments.

Globalstar reported strong first quarter 2026 growth and highlighted its pending acquisition by Amazon. Revenue reached $70.1 million, up 17% from a year earlier, driven mainly by higher wholesale capacity services and growing Commercial IoT and government revenue. Income from operations swung to a profit of $8.2 million from a prior loss, though the company still posted a net loss of $17.4 million due to higher non‑cash interest and currency impacts. Adjusted EBITDA rose to $33.5 million.

On April 13, 2026, Globalstar agreed to be acquired by Amazon. Stockholders may elect for each Globalstar share either $90.00 in cash or 0.3210 Amazon shares, with cash elections capped at 40% of total shares and potential downward adjustment of up to $110 million if certain operational milestones are not met. The deal, already approved by Globalstar’s majority stockholder, is expected to close in 2027, subject to regulatory and other conditions. Globalstar also advanced its next‑generation satellite roadmap and received FCC confirmation of its exclusive MSS rights in the Big LEO spectrum band.

Globalstar, Inc. VP & CFO Rebecca Clary reported routine equity compensation activity and related tax sales. On April 27, 2026, she acquired 9,523 shares of Voting Common Stock at $0.00 per share from the vesting of a performance share award granted on March 27, 2025.

On April 28, 2026, she sold 4,066 shares of Voting Common Stock at a volume-weighted average price of $81.2410 per share to cover taxes due under a mandatory sell-to-cover program. After these transactions, she directly holds 121,198 shares of Globalstar common stock.