Editing Globalstar (section)

== Business operations ==

=== Corporate structure and financing ===
'''Predecessor Company – Globalstar LP'''.  In February 1995, Globalstar Telecommunications Ltd. raised $200 million from its [[initial public offering]] in the [[NASDAQ]] market. The IPO price of $20 per share was equivalent to $5 per share after two stock splits. The stock price peaked at (post-split) $50 per share in January 2000, but institutional investors began predicting bankruptcy as early as June 2000. The stock price eventually fell below $1 per share, and the stock was delisted by NASDAQ in June 2001.

After the IPO, the publicly traded Globalstar Telecommunications (NASDAQ symbol GSTRF) owned part of system operator Globalstar LP. From that point on, the primary financing for Globalstar LP was vendor financing from its suppliers (including Loral and Qualcomm), supplemented by [[junk bonds]].

After a total debt and equity investment of $4.3 billion, on February 15, 2002, Globalstar Telecommunications filed for [[Chapter 11]] bankruptcy protection, listing assets of $570 million and liabilities of $3.3 billion. The assets were later bought for $43 million by Thermo Capital Partners LLC.

Globalstar LLC and Globalstar, Inc.  When the new Globalstar emerged from bankruptcy in April 2004, it was owned by Thermo Capital Partners (81.25%) and the original creditors of Globalstar L.P. (18.75%).  Globalstar LLC was incorporated in April 2006 to become Globalstar, Inc.

Globalstar, Inc. completed an IPO in November 2006.  The stock currently trades on the NYSE American under the symbol GSAT.

=== SPOT LLC ===
In August 2007, Globalstar announced the introduction of the [[SPOT Satellite Messenger]] product, to be marketed through its latest subsidiary SPOT, Inc., later named SPOT LLC. The SPOT Messenger is manufactured by Globalstar partner Axonn LLC and combines the company's simplex data technology with a Nemerix GPS chipset. SPOT is intended to leverage Globalstar's still adequate L-Band uplink, which is used by simplex modems. The product was launched in early November 2007. Subsequent launches included the SPOT Trace, SPOT X with Bluetooth and Gen4.

=== Collaboration with Apple, Inc. ===
Globalstar provides the infrastructure for the ''Emergency SOS via satellite functionality''<ref>{{Cite web |title=Apple debuts iPhone 14 Pro and iPhone 14 Pro Max |url=https://www.apple.com/newsroom/2022/09/apple-debuts-iphone-14-pro-and-iphone-14-pro-max/ |access-date=2022-09-07 |website=Apple Newsroom |language=en-US}}</ref> announced in 2022 for all versions of the [[iPhone 14]]<ref>{{Cite news |date=2022-09-07 |title=Apple picks Globalstar for emergency satellite service on iPhone 14 |language=en |work=Reuters |url=https://www.reuters.com/technology/apple-picks-globalstar-satellite-service-iphone-14-series-2022-09-07/ |access-date=2022-09-07}}</ref> series and newer.  Globalstar reserves 85% of its network capacity for the service, and previous to the announcement of the service, Globalstar invested in expanding its infrastructure, including "material upgrades to Globalstar’s ground network to enhance redundancy and coverage" and "construction of 10 new gateways around the world".<ref>{{Cite web |last=Globalstar, Inc. |date=September 7, 2022 |title=Form 8-K |url=https://www.sec.gov/Archives/edgar/data/1366868/000136686822000059/gsat-20220907.htm |url-status=live |archive-url=https://web.archive.org/web/20221226102041/https://www.sec.gov/Archives/edgar/data/1366868/000136686822000059/gsat-20220907.htm |archive-date=2022-12-26 |access-date=2024-10-28 |website=[[U.S. Securities and Exchange Commission]]}}</ref> In February 2023, Globalstar announced it would be repaying a $150 million debt under a 2019 agreement to [[EchoStar]], which could have prevented the Apple partnership.<ref>{{Cite web |last=Forrester |first=Chris |date=2023-02-15 |title=GlobalStar to repay debt to EchoStar |url=https://advanced-television.com/2023/02/15/globalstar-to-repay-debt-to-echostar/ |access-date=2023-02-23 |language=en-GB}}</ref>

=== Employees ===
The first five employees of Globalstar were transferred from the founding companies in 1991. Although few figures were publicly disclosed, the company apparently reached a peak of about 350 employees until layoffs in March 2001. However, this figure was misleading, as most of the development, operations, and sales employees were employed by the company's strategic partners.{{citation needed|date=February 2016}}

The company then appointed satellite telecommunications veteran Olof Lundberg to lead a turnaround at the company to serve as chairman and CEO. After beginning his career with Swedish Telecom, Lundberg had been founding Director General (later CEO) of [[Inmarsat]] from 1979 to 1995. He served as founding CEO and later CEO and Chairman of [[ICO Global Communications]] from 1995 to 1999.

Lundberg resigned from the company (then in bankruptcy) on June 30, 2003.

[[Paul E. Jacobs]] was named CEO of Globalstar on Aug. 29, 2023, replacing David Kagan.