Globalstar stock price triggers automatic conversion of 8% notes

By Susanna Moon

Chicago, April 16 - Globalstar, Inc. said the automatic conversion was triggered on its $37,816,635 of outstanding 8% convertible senior notes.

The automatic conversion was triggered because the company's closing share price exceeded 200% of the conversion price for 30 consecutive trading days, according to a company press release.

The conversion was effective on the automatic conversion date of April 15.

The securities will be automatically converted into Globalstar stock using the conversion price of $1.14, resulting in the issuance of about 34 million shares.

The trustee is U.S. Bank, NA.

The shares will be available for delivery to the holders on April 18, the company said.

The company's shares (OTCBB: GSAT) closed at $2.43 on April 15.

Globalstar is a Covington, La.-based provider of mobile voice and data communications services via satellite.

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