|News Update|| |
Globalstar contracts SpaceX to launch Apple-backed satellites
On August 28, 2023, Globalstar, Inc. entered into a Launch Services Agreement by and between the Company and Space Exploration Technologies Corp. and certain related ancillary agreements (the “Launch Services Agreements”), providing for the launch of the first set of the satellites the Company is acquiring pursuant to its previously disclosed Satellite Procurement Agreement. The Launch Services Agreements provide a launch window in 2025, subject to customary launch terms, and require the Company to pay a total of $64 million launch-related payments on a periodic basis between execution and the completion of launch. As previously disclosed, Partner has agreed to make certain payments to the Company for 95% of the approved capital expenditures it makes in connection with the new satellites, including these launch costs.