Globalstar officials rang the opening bell on the Nasdaq Wednesday morning, at a ceremony tied to the Covington satellite company recently joining the tech heavy exchange.
Paul E. Jacobs, Globalstar CEO, rang the bell and was joined by other officials with the company. Globalstar was added to the Nasdaq Global Select market on Tuesday.
“Globalstar’s listing on Nasdaq marks a significant milestone in our 30-year history. Not only does this reinforce the strong financials and momentum of our company, but it also reflects our mission and commitment to innovation, growth, and long-term value creation,” Jacobs said in a statement.
Shares of Globalstar fell by $3.27 or 13.4% Wednesday to close at $21.06. On Monday, the company completed a reverse stock split, where 15 shares of Globalstar stock were converted to one share. The reverse split was done as part of an effort to make the business more appealing to a broader range of investors, including institutional shareholders.