Globalstar enters into a material definitive agreement
- As previously disclosed, Globalstar, Inc. is party to a terms agreement with its customer, Apple Inc. (AAPL), which Terms Agreement contains terms and conditions governing the development, launch and operation of Satellite Services.
- Extended MSS Network
- On October 29, 2024, the Company and Customer agreed to make certain amendments to the Services Agreements and entered into other related agreements for Globalstar to deliver expanded services to Customer over a new mobile satellite services network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing. The Extended MSS Network will be owned by Globalstar Licensee, LLC, together with its subsidiaries, and operated by the Company.
- The Company will retain control of the board of managers of the Globalstar SPE and continue to operate and maintain the assets owned by and licenses granted to the Globalstar SPE. Globalstar will retain 100% of all terrestrial, MSS and other revenue and will continue to allocate 85% of its network capacity to render the Satellite Services to Customer across existing and new satellites as well as use the remaining capacity to service its other MSS customers.