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Globalstar, Inc. (NYSEAMERICAN:GSAT), a $2.42 billion market cap communication services company, announced the approval of a key corporate governance amendment following its annual stockholders meeting on Tuesday. At the meeting held on May 20, 2025, shareholders voted in favor of an amendment to the company’s Certificate of Incorporation that allows for the exculpation of officers to the extent permitted by Delaware law. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.27, indicating solid short-term financial stability.
This amendment, now effective as of its filing date, aligns with the provisions of Delaware law and is expected to offer additional legal protections to the company’s officers. The specific details of the amendment can be found in the Certificate of Amendment, which has been filed with the Delaware Secretary of State. InvestingPro analysis shows the company operates with a moderate level of debt, with a debt-to-equity ratio of 1.56.
In addition to the governance change, the shareholders elected three Class A directors to serve until the 2028 annual meeting and ratified Ernst & Young LLP as Globalstar’s independent registered public accounting firm for the fiscal year 2025. The stockholders also approved the entry into the Amended Thermo Guaranty Agreement.
Out of the 126,582,094 shares outstanding as of the record date on March 25, 2025, a total of 113,979,799 shares were represented at the meeting. The detailed voting results for each proposal were disclosed, indicating majority support for all items on the agenda.
The amendment for officer exculpation required both a majority of the outstanding shares of common stock (the "DGCL Stockholder Approval") and a majority of shares owned by stockholders other than Thermo and its affiliates (the "Majority of the Minority Stockholder Approval"). Both approvals were obtained for the proposal to pass.
Globalstar, a company operating in the communication services sector, is incorporated in Delaware and has its principal executive offices in Covington, LA. With annual revenues of $253.9 million and an overall Financial Health score of FAIR according to InvestingPro, the company continues to focus on operational efficiency despite current market challenges. The information reported is based on the company’s SEC filing. For deeper insights into GSAT’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Globalstar Inc (NASDAQ:GSAT). reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -$0.42, significantly missing the forecasted -$0.0012. However, the company experienced a revenue increase of 17% year-over-year, reaching $61.17 million, surpassing the expected $60.24 million. Globalstar ended 2024 with a strong cash position of $391.2 million and announced strategic initiatives, including the launch of new satellite solutions and expansion into 5G. Additionally, Globalstar inaugurated a new Satellite Operations Control Center at its headquarters in Covington, Louisiana, enhancing its capability to manage its satellite fleet and improve network performance. The company plans to create 75 new jobs in Louisiana by the end of the year. In leadership changes, Globalstar appointed Dr. Tamer Kadous and Daaman Hejmadi as vice presidents for its terrestrial spectrum and wholesale satellite capacity businesses, respectively. The company aims to integrate licensed technology and expand its market presence, though it acknowledges risks and uncertainties in its forward-looking statements. These developments underscore Globalstar’s ongoing efforts to enhance its service offerings and strengthen its position in the telecommunications industry.
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