Globalstar, Waiting For Secondary Pricing (GSAT)
April 9, 2008 by Douglas A. McIntyreGlobalstar Inc. (NASDAQ: GSAT) is apparently set to price its (up to) $135 million securities offering tonight. In a previous article, we discussed the terms of the offering, including the fact that underwriter Merrill Lynch is expected to sell anywhere from 15 to 20 million shares at a fixed price in addition to the offering.
Tuesday, April 1st, before the filing, shares opened at $7.39 and jumped to $7.59 at close. Shares dropped to $7.05 on Wednesday. Today, Globalstar hit a new 52-week low of $4.85 earlier today on an 11% drop. Shares have recovered to $5.20 early afternoon, although that is still down 5% today. The prior 52-week range before today was $5.24 to $12.35.
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This was weak enough early this morning that it looked like it was at risk of not even coming. There is still no assurance that this will price tonight, but that has been the expectation this week. This was one of the more unique securities filings so what structurethat last filing ultimately takes and at what price is still up in theair.
Rachel Lopez
April 9, 2008
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