Globalstar Inc., which makes the SPOT GPS messenger devices sold by many outdoor specialty shops, filed applications to list its stock with both the NASDAQ Stock Market and the New York Stock Exchange.
The company, which lost its listing on the NASDAQ in December 2012 after its stock traded below $1 for too long, believes it currently meets all eligibility requirements of NYSE market. On Monday, the company’s stock closed at $2.36.
With the exception of the duration period above the minimum closing share price requirement, Globalstar believes it currently meets all other eligibility requirements of the NASDAQ Capital Market. Both NYSE and NASDAQ are initiating reviews of the company's listing eligibility.
“We are pleased to be in a position to list on one of these two prestigious exchanges in the near future,” said Jay Monroe, Chairman and CEO of Globalstar. “Our stockholders want enhanced trading liquidity and market visibility, and we look forward to completing this process as soon as possible in order to meet their requests.”
Globalstar provides mobile satellite voice and data services, including the SPOT messenger service, to commercial and recreational users in more than 120 countries around the world.
