Globalstar Inc (GSAT)

[236T568]

Actually, wrong yet again

ha!

good one

you mean the majority of the cash proceeds being put in restricted account as collateral for outstanding GSAT debt?

those cash proceeds?

https://ih.advfn.com/p.php?pid=nmona&article=75843026&symbol=GSAT
This offering was made to satisfy a requirement relating to the June 2017 credit agreement amendment. As required by the credit agreement with its senior lenders (the “Facility Agreement”), Globalstar intends to deposit 80% of the net proceeds from the offering in a restricted account for the benefit of the lenders under the Facility Agreement. The proceeds held in the restricted account are expected to be drawn to pay principal and interest due under the Facility Agreement in December 2017 and June 2018

But don’t worry, I’m sure Jay Monroe has something coming as to why he will be using the proceeds coming from the stock sale which is why the price is going down let me remind you, to put back into the business to make it grow.