The Space Investor - 🚀 Globalstar to the Nasdaq

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• The telecom infrastructure and tech provider announced its plan to transfer its common stock listing from the NYSE American to the Nasdaq exchange, which is expected to take place in Q1 of 2025.
   
• In connection with this transfer, GSAT announced its Board of Directors authorized a to be determined reverse stock split to align trading fundamentals with peers, improve liquidity and attract greater investment participation from institutional investors.
   
• “This strategic decision ... reflects the exciting momentum and strong growth trajectory in our business. With these changes, we expect to enhance our visibility, attract a more diverse and institutional shareholder base, and improve overall liquidity. We expect will unlock value for our shareholders over the near and long-term,” said CEO Dr. Paul Jacobs.
   
• GSAT shares finished the week -1%.

• On Thursday, DIRECTV terminated its Equity Purchase Agreement (EPA) agreement to acquire Echostar's satellite television business, which included rival Dish TV, over a failed debt-exchange offer.
   
• For the deal to close, DISH bondholders had to agree to exchange their debt for new debt in the merged entity at a discounted rate of ~$1.57B on debt.
   
• "While we believed a combination of DIRECTV and DISH would have benefitted all stakeholders, we have terminated the transaction because the proposed Exchange Terms were necessary to protect DIRECTV's balance sheet and our operational flexibility," said Bill Morrow, CEO.
   
• The termination of the DISH acquisition does not affect private equity firm TPG's acquisition of the remaining 70% stake of DIRECTV from AT&T ($T), which is expected to close in H2 2025. The deal would have created one of the nation's largest pay TV distributors with a combined 20M subscribers.
   
• $SATS shares were flat on the week, after dropping -8% on the news.

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