Key Highlights

  • The US antitrust waiting period for the Amazon deal expired on July 17, 2026.
  • Globalstar shares closed at $82.40 on October 14, 2026, below the $90 deal price.
  • Second-quarter revenue was $64.8 million, with a net loss of $26.5 million.
  • All eight HIBLEO-4 replacement satellites launched successfully as of August 16.

Merger arbitrage, the practice of buying shares of a takeover target to capture the gap between the market price and the deal price, is essentially a bet on timing and approvals. For Globalstar (NASDAQ:GSAT), where Amazon (NASDAQ:AMZN) has agreed to a deal valued at $90 per share, those approvals are the story. One major hurdle has been cleared: the US antitrust waiting period expired on July 17, 2026. Others remain, including review at the Federal Communications Commission. Globalstar shares closed at $82.40 on October 14, 2026, about $7.60 below the headline price.

Clock Restarted, Then Cleared

According to market data citing a securities filing, the companies filed their US premerger notifications under the Hart-Scott-Rodino Act on May 14, withdrew them on June 15 and refiled on June 17, restarting the clock. The waiting period then expired on July 17 without, as far as the sources reviewed show, a challenge. Globalstar's second-quarter release on August 6 said the transaction is expected to close in 2027 and remains subject to remaining regulatory approvals, including from the FCC and certain international authorities, as well as to milestones tied to its replacement satellites. Second-quarter revenue was $64.8 million versus $67.1 million a year earlier, with a net loss of $26.5 million, and cash was $409.8 million at June 30.

Spectrum Review and Satellite Milestones

The outstanding approvals matter because Globalstar's value to Amazon is closely tied to its licensed mobile satellite spectrum and network, which the FCC oversees for any transfer of control. The replacement-satellite milestones are separate: the company confirmed on August 16 that all eight HIBLEO-4 satellites had launched successfully, though deal terms refer to further milestones. A market data provider shows three analysts with a Buy consensus and an average target of $90, matching the deal price, while Craig-Hallum and Clear Street have each moved to Hold with $90 targets, a stance often seen when upside is capped by a fixed offer. The company's market value was about $10.7 billion at the October 14 close.

Price Defined, Timing Still Open

Clearing the antitrust waiting period removed one important uncertainty for Globalstar's pending sale to Amazon, but not the final decision on spectrum and licensing, which remains with regulators. The deal's price is defined, while its timing is not, and the share price gap reflects that difference as the transaction heads toward a 2027 close.