James Monroe III, a director and ten percent owner of Globalstar, Inc. (NYSE:GSAT), acquired a substantial amount of the company's stock in recent transactions. On December 23 and 24, Monroe purchased a total of 1 million shares, with prices ranging between $1.905 and $2.00 per share. The total value of these purchases amounted to approximately $1.94 million. Following these transactions, Monroe holds over 10 million shares through Thermo Properties II, LLC, among other holdings.
In other recent news, Globalstar, Inc. has been making significant strides in its operations and financial performance. The company has announced a reverse stock split and reduction in the number of authorized shares, aiming to optimize its capital structure. These changes are part of ongoing efforts to enhance shareholder value, with specific details to be determined at a later date.
Globalstar has successfully completed its first 5G data call using the Band n53 spectrum, marking a critical advancement in its capabilities. This technological feat is part of a broader strategy to quadruple speeds and facilitate automation and industrial 5G applications, with implementation ongoing in 2025.
In terms of financial performance, Globalstar reported a record Q3 revenue of $72 million, a 25% increase from the same period last year. The company has also reiterated its revenue guidance for 2024 to be in the range of $245-250 million with an Adjusted EBITDA margin of 54%. For 2025, the company has set a revenue guidance of $260-285 million and an Adjusted EBITDA margin of approximately 50%.
Globalstar has also secured a 10-year authorization to expand its terrestrial applications in Mexico. Meanwhile, Apple Inc. plans to introduce satellite connectivity to its Apple Watch Ultra by 2025, following its investment in satellite service provider Globalstar. All these are part of recent developments in Globalstar's operations.
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