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Globalstar completes stock offering

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Globalstar completes stock offering

Globalstar Inc. completed the sale of its previously announced public offering of 73,365,231 shares of voting common stock.

The net proceeds from the offering are about $114.8 million, minus underwriting discounts and commissions and other expenses. Globalstar plans to use 80% of the net proceeds from the offering to satisfy a requirement relating to a credit agreement The company intends to use the remainder of the proceeds for general corporate reasons.

Morgan Stanley served as the sole book-running manager for the offering, with Cantor Fitzgerald & Co. and Chardan Capital Markets acting as joint lead managers for the offering.