Satellite communications company Globalstar listed on the Nasdaq on Tuesday after delisting from the New York Stock Exchange.
“We did a reverse split — we’re a multibillion-dollar company but our stock price was down in the dollar-ish range,” CEO Paul Jacobs told CNBC’s Becky Quick on “Squawk Box.” “And people thought of us as a penny stock, and some investors couldn’t invest in us, so we’re here sort of in conjunction with that,” Jacobs added.
Jacobs and Globalstar also rang the opening bell at the Nasdaq on Tuesday morning. The stock rose more than 10% in midday trading.
“Most of the companies that I’ve been involved with are tech innovators, and they’re on the Nasdaq,” Jacobs said.
Globalstar signed a $1.5 billion deal in November with Apple to fund the expansion of iPhone services. In 2022, Globalstar rolled out a feature with iPhones that enabled emergency satellite texting.
The satellite provider also signed a $1.1 billion deal…
