COVINGTON, La. (AP) - Globalstar, a Covington-based satellite phone service company, has filed applications to have its common stock listed on Nasdaq and the New York Stock Exchange.
The company said Monday it will choose one of the markets on the basis of the listing application process and review.
The Advocate reports (http://bit.ly/1eqq62M ) Globalstar is now an "over-the-counter" stock, which means shares are traded through a dealer network rather than a centralized exchange. In general, companies whose shares are traded over-the-counter are smaller and can't meet an exchange's listing requirements including a minimum number of publicly traded shares, share price, and earnings over a three-year period.
Globalstar said it meets all eligibility requirements of the markets with one exception - the Nasdaq Capital Market's minimum closing share price level.
Information from: The Advocate, http://theadvocate.com
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