---
schema_version: "secwatch.filing_event.v1"
accession: "0001366868-22-000103"
form_type: "8-K"
ticker: "GSAT"
cik: "0001366868"
company_name: "Globalstar, Inc."
filed_at: "2022-11-16T23:59:59+00:00"
generated_at: "2026-06-21T17:21:00.534011+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Globalstar converts $149.4M debt into 7% Series A Perpetual Preferred Stock

## Summary
- Exchanged $149.4M of principal and accrued interest under 2019 Facility for Series A Preferred at $1,000 liquidation preference per share.
- Preferred pays 7.00% cumulative cash dividends quarterly, beginning January 1, 2023.
- Ranks senior to common stock, pari passu with parity securities; redeemable at any time at $1,000/share plus unpaid dividends.
- Issued under Section 4(a)(2) exemption to Thermo affiliates and other lenders; Certificate of Designation filed November 15, 2022.

## SEC filing metadata
- accession: 0001366868-22-000103
- form_type: 8-K
- ticker: GSAT
- cik: 0001366868
- company_name: Globalstar, Inc.
- filed_at: 2022-11-16T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 3.03, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1366868/000136686822000103/0001366868-22-000103-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1366868/000136686822000103/gsat-20221115.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001366868-22-000103
- JSON: https://secwatch.observer/filing/0001366868-22-000103.json
- Plain text: https://secwatch.observer/filing/0001366868-22-000103.txt

## Key facts
- Material Agreements
  Globalstar, Inc. entered into Exchange Agreement with affiliates of Thermo Companies and certain other lenders valued at $149.4 million (effective 2022-11-15).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: affiliates of Thermo Companies and certain other lenders
  - Value: $149.4 million
  - Effective: 2022-11-15
  source text: the Company entered into an Exchange Agreement dated as of November 15, 2022 (the “Exchange Agreement”) with affiliates of Thermo Companies (collectively, "Thermo") and certain other lenders (collectively, the “Exchanging Lenders”) providing for the exchange of all the outstanding principal amount of, and accrued and unpaid interest on, the Exchanging Lenders’ loans under the 2019 Facility Agreement for its 7.0% Perpetual Preferred Stock, Series A
  evidence_url: https://www.sec.gov/Archives/edgar/data/1366868/000136686822000103/0001366868-22-000103-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.