Globalstar Inc. priced its registered underwritten public offering of 73,365,231 shares of voting common stock at a public price of $1.65 per share, the company said Oct. 5.
The company expects about $121.1 million in gross proceeds from the offering, before underwriting discounts, commissions and other payables. The offering is expected to close on Oct. 11, subject to customary closing conditions.
Globalstar also gave underwriters a 30-day option to buy an additional 11,004,784 shares of voting common stock at $1.65 per share, minus underwriting discounts and commissions.
Morgan Stanley is the sole book-running manager for the offering, while Cantor Fitzgerald & Co. and Chardan Capital Markets are acting as joint lead managers.