EchoStar CORP

EchoStar Corporation completed the previously announced sale of its 3.45 GHz and 600 MHz spectrum licenses to AT&T Mobility II LLC, receiving $20.25 billion in proceeds. An additional $2.4 billion was deposited by AT&T into an FCC Trust to cover potential claims related to the sold licenses. Concurrently, DISH DBS Corporation repaid $2.0 billion of its 7.75% Senior Notes, and DISH Network Corporation redeemed approximately $3.686 billion of its 11 3/4% Senior Secured Notes, significantly reducing the company's debt.

EchoStar announced that Hamid Akhavan, Chief Executive Officer of EchoStar Capital and President and CEO of Hughes, resigned from all his positions with the company and Hughes, effective immediately. His departure followed discussions with the Board regarding a change in strategic direction. Charles W. Ergen will take over Akhavan's responsibilities as Principal Executive Officer of Hughes, and Akhavan will consult through December 31, 2026, for an orderly transition. Additionally, EchoStar Capital will be folded into Corporate Development, led by Thomas A. Cullen.

EchoStar Corporation announced that Dean Manson will step down as Chief Legal Officer and Secretary, effective June 26, 2026, after 26 years with the company. Mr. Manson will transition to a Senior Advisor role to ensure a seamless handover. Jeffrey Blum, the current Executive Vice President of Government Affairs, has been appointed as Acting Chief Legal Officer and Secretary while the company searches for a permanent replacement.

EchoStar Corporation announced it will change its Nasdaq stock ticker symbol from "SATS" to "ECHO", effective June 24, 2026. This change is intended to better represent the company's expanding lines of business and its growth from a pure-play satellite company to a global leader with diverse connectivity assets. Current shareholders are not required to take any action, as the ticker conversion will occur automatically, and the company's legal name, capital structure, and securityholder rights remain unaffected.

EchoStar's subsidiary, DISH DBS Corporation (DBS), made scheduled interest payments on its 5.25% secured notes due 2026, 5.75% secured notes due 2028, and 5.125% unsecured notes due 2029. These payments were made on June 18, 2026, within the applicable 30-day grace periods, thereby preventing an Event of Default. The company had initially deferred these payments pending the receipt of $20.25 billion from the AT&T Transactions, which have received regulatory approvals but are still subject to certain closing conditions.

EchoStar Corporation announced its decision not to make approximately $183 million in cash interest payments due on June 1, 2026, for its DISH DBS Corporation subsidiary's 2026, 2028, and 2029 notes. This non-payment is considered a default, though the company has a 30-day grace period. The company stated this action was taken to defer liquidity utilization while awaiting the net closing proceeds of $20.25 billion from the AT&T Transactions, which have received regulatory approvals but are still subject to certain closing conditions.

EchoStar Corporation announced the completion of its Spectrum Transfer Closing on May 22, 2026, as part of an Amended and Restated License Purchase Agreement. Certain subsidiaries of EchoStar transferred rights and licenses for 50 MHz of spectrum and up to 15 MHz of AWS spectrum to Spectrum Business Trust 2025-1. The Purchaser, Space Exploration Technologies Corp., also reimbursed EchoStar for prior cash interest payments on Seller Notes. The final Spectrum Acquisition Closing, where the Trust transfers assets to the Purchaser and payment is made, is targeted for November 30, 2027.

EchoStar Corporation disclosed substantial doubt about its ability to continue as a going concern due to insufficient cash and projected future cash flows to meet obligations over the next twelve months. This comes amidst ongoing efforts to improve liquidity, including pending agreements to sell spectrum licenses to AT&T for $22.65 billion and to SpaceX for approximately $20 billion. The company also entered into a Restructuring Support Agreement, leading to significant debt prepayments and intercompany loan settlements.

EchoStar Corporation filed an amended 10-K/A to include previously omitted Part III information on directors, executive officers, and corporate governance. Effective November 6, 2025, Charles W. Ergen was appointed Chairman, President, and Chief Executive Officer, consolidating the Chairman and CEO roles. Concurrently, Hamid Akhavan transitioned from CEO and President to lead the new EchoStar Capital division. The filing also details the company's executive compensation structure and stock incentive plans.