EchoStar Corporation

EchoStar Corporation is a company whose Class A common stock trades on the NASDAQ Global Select Market under the symbol "SATS." Its principal executive offices are located at 9601 South Meridian Boulevard, Englewood, Colorado 80112. In the third quarter of 2025, EchoStar resolved a review by the Federal Communications Commission (FCC) concerning its compliance with build-out milestones and other obligations related to its federal spectrum licenses. This review began after EchoStar received a letter from the FCC on May 9, 2025, which questioned its compliance with obligations to provide 5G broadband service, the September 2024 build-out extension, and mobile-satellite service (MSS) utilization in the 2 GHz band. EchoStar responded to the FCC's public notices with filings on May 27, 2025, and June 6, 2025. During the second and early third quarters of 2025, the FCC review led EchoStar to reevaluate resource deployment, resulting in the company not making interest payments on a portion of its long-term senior notes on their scheduled due dates. These payments, including interest on the defaulted interest, were subsequently made within the 30-day grace periods. The FCC review indicated that EchoStar's spectrum was underutilized and that its continued ownership of such spectrum licenses was inconsistent with the public interest, requiring EchoStar to sell a material amount of spectrum licenses to avoid widespread license revocation.