Globalstar seeks to get listed on Nasdaq, NYSE

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COVINGTON, La. (AP) - Globalstar, a Covington-based satellite phone service company, has filed applications to have its common stock listed on Nasdaq and the New York Stock Exchange.

The company said Monday it will choose one of the markets on the basis of the listing application process and review.

The Advocate reports (http://bit.ly/1eqq62M ) Globalstar is now an “over-the-counter” stock, which means shares are traded through a dealer network rather than a centralized exchange. In general, companies whose shares are traded over-the-counter are smaller and can’t meet an exchange’s listing requirements including a minimum number of publicly traded shares, share price, and earnings over a three-year period.

Globalstar said it meets all eligibility requirements of the New York Stock Exchange MKT and Nasdaq Capital Market, which list the stocks of small growth companies, with one exception. On the Nasdaq Capital Market that price may be $2 or $3 depending on the standard under which a firm applies.

For example, under one Nasdaq Capital Market listing standard, a company must have a closing price of $2 for 90 consecutive trading days; average annual revenue of $6 million for three years; net physical assets - buildings, land, inventory, machinery, etc. - of $2 million; as well as meeting other financial requirements.

Over the last three months, Globalstar shares have closed between $1.67 to $2.37 per share.

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Information from: The Advocate, http://theadvocate.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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