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November 01, 2006

GlobalStar IPO Back From the Dead

posted by MR WAVETHEORY at 11/01/2006 05:16:00 PM
Globalstar, Inc. (Nasdaq GSAT) priced at $17 per share. Globalstar if you don't remember is a provider of satellite communications services. It burned up and went bankrupt Chapter 11. Now it's back. It priced at the midpoint of range of $16-18.

It must be all those oil barons yacking on their satellite phones who are responsible for bringing this one back. They should hire a design firm to redesign the phone. It's so government issue 50s.

Check out pricing for airtime. You can get started with just $600 annually and get 900 minutes. That's 67 cents per minute. Are you a real jet setter? Try the Liberty 48,000 package for $6600 per year. You get 72,000 minutes at 9 cents per minute. That's pretty cheap if you're roaming the globe and yacking all the time. They even have plan for $50 per month for 50 minutes.

Check out the RetailRoadShow IPO presentation from GlobalStar's management team.

Issuer: Globalstar, Inc.

Offering: Common Stock IPO

The registration statement for the public offering of Globalstar, Inc. common stock IPO has been declared effective and the offering is priced at $17.00 with the offering size being 7,500,000 shares up from the original offering size of 6,500,000 shares. The confirmation period has begun.

Update: In case you've been following the satellite story, there are 3 satellite IPOs this week: RRSAT Global Communications Network Ltd. (Nasdaq RRST), GlobalStar Inc. (Nasdaq GSAT) and Orbcomm Inc. (Nasdaq ORBC). RRSAT Global Communications Network Ltd. rose 20% today to close at $15.02 up from its IPO price of $12.50 which was at the upper end of its range of $11-13 per share.

Update: As pointed out by a reader, Globalstar has a new phone. Good to see they're making progress. Still, I think they should get a redesign of the phone.

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Anonymous Anonymous said...

You are very loose with your language, there is a big difference between 'bankruptcy' and Chapter 11. Globalstar never went bankrupt... and here is the new phone - http://www.globalstar.ca/en/gsp1700/

7:15 AM  
Anonymous Anonymous said...

does anyone have the roadshow documents, it is no longer available, but then again these are rarely available

9:32 AM  
Blogger MR WAVETHEORY said...

anonymous, yes there is a difference between 11 and bankruptcy, but for shareholders, it makes little difference because shareholders lost everything in that little reorg.

10:27 AM  

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