Globalstar pays $20M, secures forbearance to March 15, explores financing

Globalstar, Inc.

Paid $20M cash under Second Forbearance Agreement with MDA and Rocket Lab.
Contractor forbears from exercising remedies on unpaid amounts until March 15, 2023.
Possible stock payment up to $40M in shares if both parties agree; no obligation yet.
Company exploring financing to satisfy remaining SPA obligations and refinance 2019 Facility.
Cannot predict terms of future financing; maximizing shareholder value is driving consideration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Globalstar, Inc. entered into Second Forbearance Agreement with Macdonald Dettwiler and Associates Corporation and Rocket Lab USA, Inc. (effective 2023-01-31).

Action: entry
Counterparty: Macdonald Dettwiler and Associates Corporation and Rocket Lab USA, Inc.
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, Globalstar, Inc. (the “Company”) entered into a Second Forbearance Agreement (the “Agreement”) with Macdonald Dettwiler and Associates Corporation (“Contractor”) and Rocket Lab USA, Inc. (“Subcontractor”).

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Globalstar, Inc. filing history →

Source: SEC EDGAR

accession 0001366868-23-000011

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