SEC Form SC 13G/A filed by Globalstar Inc. (Amendment)

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

(Amendment No. 3)¹

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Globalstar, Inc., a Delaware corporation (the “Issuer”).

1351 Holiday Square Blvd.

Covington, LA 70433

This statement is filed by Mudrick Distressed Opportunity Drawdown Fund, L.P. (“Drawdown LP”), Mudrick Distressed Opportunity Drawdown Fund II, L.P. (“Drawdown II LP”), Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. (“Drawdown Fund II SC”), Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. (“2020 Fund”), Mudrick Distressed Opportunity SIF Master Fund, L.P. (“SIF Fund”), Mudrick Distressed Opportunity Fund Global, L.P. (“Global LP”), Mudrick GP, LLC (“Mudrick GP”), Mudrick Distressed Opportunity Drawdown Fund GP, LLC (“Drawdown GP”), Mudrick Distressed Opportunity Drawdown Fund II GP, LLC (“Drawdown II GP”), Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC (“2020 GP”), Mudrick Distressed Opportunity SIF GP, LLC (“SIF GP”), Mudrick Capital Management, L.P. (“MCM”), Mudrick Capital Management, LLC (“MCM GP”), and Jason Mudrick. Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

Mudrick GP is the general partner of Global LP and may be deemed to beneficially own the Shares (as defined below) owned directly by Global LP. Drawdown GP is the general partner of Drawdown LP and may be deemed to beneficially own the Shares owned directly by Drawdown LP. Drawdown II GP is the general partner of Drawdown II LP and Drawdown Fund II SC and may be deemed to beneficially own the Shares owned directly by Drawdown II LP and Drawdown Fund II SC. 2020 GP is the general partner of 2020 Fund and may be deemed to beneficially own the Shares owned directly by 2020 Fund. SIF GP is the general partner of SIF Fund and may be deemed to beneficially own the Shares owned directly by SIF Fund.

MCM is the investment manager to Specialty LP, Drawdown LP, Drawdown II LP, Drawdown Fund II SC, 2020 Fund, SIF Fund, Global LP and certain managed accounts. MCM GP is the general partner of MCM. Mr. Mudrick is the sole member of Mudrick GP, Drawdown GP, Drawdown II GP, 2020 GP, SIF GP and MCM GP. By virtue of these relationships, each of MCM, MCM GP and Mr. Mudrick may be deemed to beneficially own the Shares owned directly by Specialty LP, Drawdown LP, Drawdown II LP, Drawdown Fund II SC, 2020 Fund, SIF Fund, Global LP and certain managed accounts.

The address of the principal office of each of the Reporting Persons is 527 Madison Avenue, 6^th Floor, New York, NY 10022.

Each of Drawdown LP, Drawdown II LP, Drawdown Fund II SC, 2020 Fund, Mudrick GP, Drawdown GP, Drawdown II GP, 2020 GP, SIF GP, MCM and MCM GP is organized under the laws of the State of Delaware. Each of Global LP and SIF Fund is organized under the laws of the Cayman Islands. Mr. Mudrick is a citizen of the United States of America.

Voting Common Stock, par value $0.0001 (the “Shares”)

378973408

See Cover Page Item 9 for each Reporting Person. The beneficial ownership numbers reflected on Cover Page Item 9 and the other items of the Cover Page reflect the ownership of the Reporting Persons as of December 31, 2021.

The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person except to the extent of his or its pecuniary interest therein.

See Cover Page Item 11 for each Reporting Person. The percentages of Shares reported owned by each person named herein is based upon their percentage ownership as of December 31, 2021 and 1,793,306,938 Shares outstanding, as of October 29, 2021, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2021.

See Cover Pages Items 5-9.

See Cover Pages Items 5-9.

See Cover Pages Items 5-9.

See Cover Pages Items 5-9.

Not Applicable. Subsequent to December 31, 2021, the Reporting Persons purchased additional shares of Common Stock.

Not Applicable as of December 31, 2021.

Not Applicable.

See Exhibit 99.1.

Not Applicable.

By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2022