- Globalstar (GSAT +6%) notes in an 8-K that pursuant to an arrangement it entered earlier this month, it required Terrapin Opportunity to buy 9.34M shares, for an aggregate $15M (roughly $1.61/share).
- On Aug. 10, a Globalstar filing disclosed it entered into a deal with Terrapin where it could require Terrapin to buy up to $75M in voting common shares during a two-year period. Globalstar could provide Terrapin with draw-down notices to buy shares at a 10-day average price.
- The arrangement capped Terrapin's ownership at no more than a 9.9% stake.
- Globalstar shares are up 13.6% over the past two trading days; they're down 36% YTD.