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GSAT > SEC Filings for GSAT > Form 8-K on 13-Dec-2013All Recent SEC Filings

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Form 8-K for GLOBALSTAR, INC.


13-Dec-2013

Unregistered Sale of Equity Securities


Item 3.02. Unregistered Sales of Equity Securities.

In August 2013, Globalstar, Inc. ("Globalstar" or the "Company") entered into an agreement with Hughes Network Systems LLC, a subsidiary of EchoStar Corporation (''Hughes''), which allowed Hughes, at their sole option, to elect to receive shares of the Company's voting common stock (at a 7% discount based upon a trailing volume weighted average price calculation) in lieu of cash related to certain milestone payments under Globalstar's 2008 contract with Hughes for ground network equipment and software upgrades and satellite interface chips.

As previously disclosed, on November 15, 2013, Hughes exercised an option to receive approximately $4.3 million in Globalstar voting common stock. On November 18, 2013, Globalstar issued 3,166,474 shares of voting common stock to Hughes at $1.35 per share in a private placement exempt from registration under
Section 4(2) of the Securities Act of 1933.

On December 11, 2013, Hughes exercised its remaining options to receive approximately $10.1 million in Globalstar voting common stock. On December 13, 2013, Globalstar issued 6,334,141 shares of voting common stock to Hughes at $1.60 per share in a private placement exempt from registration under Section 4(2) of the Securities Act of 1933.

Per the terms of the letter agreement, Globalstar filed a registration statement covering the resale of the shares issued to Hughes under the agreement.

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