Globalstar Inc (GSAT)

[420man]

Increasing AS to 1.9 BILLION with a current AS of 1.5 BILLION and the OS is already @ 1.5 Billion!? WTH?

As of February 22, 2019, our current authorized capital consisted of: 1,500,000,000 shares of Common Stock, of which 1,448,027,328 were outstanding; 400,000,000 shares of nonvoting common stock, none of which were outstanding; and 100,000,000 shares of undesignated preferred stock, none of which were outstanding. Approximately 177,912,823 shares may be issued under existing obligations under our employee stock plans and convertible notes, some of which have variable conversion rates depending on the trading price of our Common Stock.

Under the terms of the amendment, the number of shares of Common Stock authorized will be increased to 1,900,000,000 and all of our shares of our nonvoting common stock will be eliminated. The number of shares of Preferred Stock remains unchanged at 100,000,000 . The newly authorized shares of Common Stock will be identical to previously authorized shares of voting and non-voting Common Stock, respectively, and will entitle the holders thereto to the same rights and privileges as holders of the previously authorized shares. The terms of the Common Stock, as provided in the amendment, are as follows:


Anyone that's been here for awhile, please explain what this is all about as I'm having a rather difficult time understanding the totality of these measures other than their about to RS with their newly controlled stock held by. So they can dump the newly increased AS...