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Globalstar paid Carmanah Technologies Corporation $700,000 for a perpetual license to Carmanah’s SmartOne Solar intellectual property, along with production equipment and other assets.
Dave Kagan oversaw a 50 percent increase in Globalstar’s adjusted EBITDA in 2017 and a 37 percent year-to-date increase in 2018.
A Monroe-led effort to combine Globalstar with the landline company FiberLight, both owned by Monroe’s Thermo Capital, disintegrated on 2018-08-01 after a legal battle with Mudrick Capital Management.
Globalstar’s satellite services have not generated enough revenue to pay down the company’s $542,300,000 debt.
Dave Kagan replaced Jay Monroe as Globalstar’s president and will lead Globalstar’s satellite services business as of 2018-09-04.
Globalstar is providing Dave Kagan a $450,000 annual salary and a restricted stock award grant of 2 million shares.
Much of Globalstar’s $542,300,000 debt is owed to Thales Alenia Space for building Globalstar’s second-generation constellation of 24 spacecraft.
The merger arrangement between Globalstar and the Thermo Capital–owned landline company was valued at $1,650,000,000 and was initially expected to close this quarter.
Globalstar reached an agreement with its bank lenders to defer amortized payments on its satellite constellation by up to $30,000,000 annually.
Globalstar’s second-generation fleet comprises 24 low-Earth-orbit satellites launched between 2010 and 2013.
Thermo Capital is merging Globalstar with the landline company FiberLight in a $1,650,000,000 deal intended to help pay off Globalstar’s debts.
Globalstar said its $1,700,000,000 in net operating losses should enable tax-efficient growth for Thermo Companies.
Globalstar expects to have a combined net debt below $200,000,000 by the end of 2019 and an adjusted EBITDA above $165,000,000.