Globalstar obtains $30-million investment
Posted: Thu, Jan 3, 2013, 7:27 AM ET (1227 GMT)
Satellite communications company Globalstar has secured a $30-million capital infusion from an investment company that will help the company continue its operations as it completes its next-generation satellite constellation. A British Virgin Islands-based fund, Terrapin Opportunity LP, will purchase $30 million in Globalstar stock over a 24-month period. Globalstar is in the process of launching a second generation of satellites, with the final six of 24 satellites slated for launch in February. Globalstar was delisted from the NASDAQ exchange last month after its stick price fell below the minimum of $1 per share for an extended period.
Satellite communications company Globalstar has secured a $30-million capital infusion from an investment company that will help the company continue its operations as it completes its next-generation satellite constellation. A British Virgin Islands-based fund, Terrapin Opportunity LP, will purchase $30 million in Globalstar stock over a 24-month period. Globalstar is in the process of launching a second generation of satellites, with the final six of 24 satellites slated for launch in February. Globalstar was delisted from the NASDAQ exchange last month after its stick price fell below the minimum of $1 per share for an extended period.
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