Globalstar to provide satellite network for Apple's emergency SOS; services expected Q4 2022

Globalstar, Inc.

Apple to launch satellite-enabled services in Q4 2022 using Globalstar's network; Globalstar to allocate 85% of capacity.
Partnership includes recurring service fees, capex reimbursement, and bonuses; Globalstar to raise debt via Goldman Sachs.
Globalstar abandons second-gen Duplex assets (~$175M); retains 15% capacity for IoT, SPOT, and legacy services.
2023 revenue guidance $185-230M with ~55% EBITDA margin; expects 35% revenue growth by 2026.
Apple gets warrants to purchase up to 2.64% of GSAT common stock at $1.01 per share.

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