UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 14, 2023 (February 13, 2023 )
(Exact name of registrant as specified in its charter)
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Securities registered pursuant to section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On February 13, 2023, Globalstar, Inc. (the “Company”) and its partner (the “Partner”) under its previously disclosed Partnership Agreements agreed to the following amendments: (i) extend the Company’s deadline to convert or refinance the remaining loans outstanding under the 2019 Facility Agreement (originally entered into with Thermo, an affiliate of EchoStar Corporation (“EchoStar”) and certain other unaffiliated lenders) until March 13, 2023 and (ii) implement the previously disclosed Spectrum Subsidiary and subordinated lien Resource Protections no later than March 13, 2023.
On February 13, 2023, the Company provided notice, as required under the 2019 Facility Agreement, to EchoStar of its intent to voluntarily prepay all remaining amounts due under the 2019 Facility Agreement. The Company intends to satisfy its obligation to refinance the 2019 Facility Agreement within the next 30 days. The Company is currently finalizing its plans to satisfy its remaining payment obligations under the Contractor Agreements, and intends to use cash flows generated from operations to pay a significant portion of these obligations, thereby reducing external financing needs. The Company expects to provide additional information in the near term.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GLOBALSTAR, INC.
/s/ David B. Kagan
David B. Kagan
Chief Executive Officer
Date: February 14, 2023