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Technology Stocks : GLOBALSTAR - The New Beginning - GSTRF / GSTRQ

GSAT 41.56

-0.6%

Oct 29 3:59 PM EDT

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From: pcstel	3/19/2010 6:19:16 PM
	of 65

Globalstar files From S-3 Registration Statement for 13Million that are associated with the Axonn acquisition back in December. sec.gov According to the agreement. The Shares are in effect "locked up" until the first anniversary of the acquisition agreement, or ~December 18, 2010 Earnout payments will be made principally in stock (not to exceed 10% of the Company’s pre-transaction outstanding common stock), but may be paid in cash after 13 million shares have been issued at Globalstar’s option. Axonn is Globalstar’s principal supplier of its SPOT Satellite GPS Messenger. In connection with the transaction described in Item 1.01, Globalstar issued 6,298,058 shares of voting common stock to Axonn and certain of its lenders under Section 4(2) of the Securities Act of 1933 as a transaction not involving a public offering. The recipients have agreed that they may not sell any of these shares until the first anniversary of the closing. Globalstar has agreed to register the stock consideration for resale by Axonn or its transferees on a Form S-3 Registration Statement. sec.gov PCSTEL

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