Globalstar said Thursday that its common stock offering that closed February 1, 2000 would include an additional 1,050,000 shares for a total of 8,050,000 shares at a purchase price was $35 yielding net proceeds of apx $268.5 million.
Globalstar management says it already has the resources necessary to complete the deployment of its global mobile telephone system.
Accordingly, the company will use the proceeds of the offering for general corporate purposes which may include accelerating the roll-out of service beyond planned efforts.
This will provide for increased support of service provider marketing activities and the funding of promotional discounts; the development of new service features; or potential repayment of debt.
The offering was managed by a group of underwriters led by Bear, Stearns & Co. Inc.; Banc of America Securities LLC; Lehman Brothers; C.E. Unterberg, Towbin; ING Barings; and Credit Lyonnais Securities.
