UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): June 17, 2010
GLOBALSTAR,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-33117
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41-2116508
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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461
South Milpitas Blvd. Milpitas, California
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95035
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (408) 933-4000
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item
8.01 Other Events.
Certain
sections of the Annual Report on Form 10-K for the fiscal year ended
December 31, 2009 (the “2009 Form 10-K”) of
Globalstar, Inc. (the “Company”) are hereby superseded to reflect the
Company’s adoption of Financial Accounting Standards Board updated guidance on
accounting for share loan facilities. This guidance was adopted by the Company
in January 2010 and required retrospective application. The impact of this
adoption is discussed in detail in Note 19 to the Company’s Consolidated
Financial Statements for the year ended December 31, 2009, which are
attached hereto as Exhibit 99.3.
The
attached exhibits contain the portions of the Company’s 2009 Form 10-K that
are affected by this adoption. Exhibit 99.1 reflects changes made to Item 6
— Selected Financial
Data. Exhibit 99.2 reflects changes made to Item 7 — Management’s Discussion and Analysis
of Financial Condition and Results of Operations. Exhibit 99.3
contains Item 8 — Financial
Statements and Supplementary Data, which includes the complete set of
consolidated financial statements from the Company’s 2009 Form 10-K as
recast for the retrospective application of this updated guidance. These recast
financial statements are now a part of the Company’s historical financial
statements.
The
information presented in Exhibits 99.1, 99.2, 99.3 and 99.4 to this current
report on Form 8-K updates the information set forth in Items 6, 7, and 8
of the 2009 Form 10-K for the year ended December 31, 2009 and in the
related consent of the Company’s independent registered public accounting firm.
None of the exhibits to this current report on Form 8-K reflects events
after the filing of the Company’s 2009 Form 10-K, and none of such exhibits
modifies or updates the disclosure in its 2009 Form 10-K other than to
reflect the changes relating to the retrospective adoption of the updated
guidance on share loan facilities. As the Company has not modified or updated
any other disclosures presented in its 2009 Form 10-K, all of such
disclosures only refer to conditions existing as of the date of the Company’s
2009 Form 10-K.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
Number
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Description
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99.1
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2009
Form 10-K, Item 6 — Selected Financial
Data
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99.2
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2009
Form 10-K, Item 7 — Management’s Discussion and
Analysis of Financial Condition and Results of
Operations
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99.3
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2009
Form 10-K, Item 8 — Financial Statements and
Supplementary Data
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99.4
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Consent
of Crowe Horwath LLP, Independent Registered Public Accounting
Firm
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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GLOBALSTAR,
INC.
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/s/
Fuad Ahmad
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Fuad
Ahmad
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Senior
Vice President and
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Chief
Financial Officer
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Date:
June 17, 2010
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