“On September 7, 2022, Partner and Thermo entered into a lock-up and right of first offer agreement that generally (i) requires Thermo to offer any shares of Globalstar common stock to Partner before transferring them to any other Person other than affiliates of Thermo and (ii) prohibits Thermo from transferring shares of Globalstar common stock if such transfer would cause Thermo to hold less than 51.00% of the outstanding common stock of the Company for a period of 5 years from the Service Launch (as defined below). This agreement does not prohibit the Company from entering into a change of control transaction at any time.”

I had a previous employer who would get concerned when one customer accounted for 20%+ of revenue. You can sort of fix this by increasing revenue, but Globalstar sold 85% of capacity, for a resource that is expensive and difficult to increase. The upside is that many customers will want to be on the same service as Apple, so that might help grow their business.