Summary by Moomoo AI
Globalstar, Inc., a Delaware corporation, has filed a post-effective amendment to a registration statement on Form S-3 with the Securities and Exchange Commission (SEC) on April 12, 2024. This amendment updates a previously filed registration statement on Form S-1, converting it into a Form S-3 registration statement under the Securities Act of 1933. The amendment includes an updated prospectus for the offering and sale of 37,457,207 shares of Globalstar common stock, which were initially registered for resale by selling stockholders named in the original registration statement declared effective by the SEC on September 18, 2023. The shares represent consideration for Globalstar's intellectual property license under an agreement with XCOM Labs, Inc. dated August 29, 2023. Globalstar will not sell any securities under this prospectus and will not receive proceeds from the sale of common stock by the selling stockholders. The offering will commence from time to time after the registration statement becomes effective, with the securities being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933.