In a recent transaction filed with the Securities and Exchange Commission, James Monroe III, a director and significant shareholder of Globalstar, Inc. (NYSE:GSAT), acquired a substantial number of shares in the company. On December 13, Monroe purchased 500,000 shares of Globalstar's voting common stock at a volume-weighted average price of approximately $1.995 per share, amounting to a total purchase value of $997,500. The purchase comes as the stock has seen an impressive 80% gain over the past six months, despite a recent 7.5% pullback last week, according to InvestingPro data.
The shares were acquired through Monroe's indirect ownership via Thermo Properties II, LLC. Following this transaction, Monroe's holdings, through various entities, reflect a significant stake in the company. Notably, the shares were acquired in multiple transactions at prices ranging from $1.965 to $2.02 per share.
This purchase adds to Monroe's extensive indirect holdings in Globalstar, which include shares held by Thermo Funding Company, Thermo XCOM LLC, and several other entities.
In other recent news, Globalstar, Inc. has made significant strides in its technological and financial performance. The company reported a record Q3 revenue of $72 million, a 25% increase from the same period last year. This growth was primarily driven by a 28% rise in service revenue. Globalstar has also successfully completed its first 5G data call using the company's Band n53 spectrum, marking a significant step in advancing its technological capabilities. BMO Capital Markets has projected a growth of over 25% for MDA Space Ltd, Globalstar's partner in manufacturing a new satellite constellation. Apple Inc (NASDAQ:AAPL). plans to introduce satellite connectivity to its Apple Watch Ultra by 2025, following its investment in Globalstar. Lastly, Globalstar has announced its intention to list on the Nasdaq Global Select Market in the first quarter of 2025, along with a reverse stock split. These developments are part of the company's recent news.
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