The company’s LV0010 rocket stands on the launchpad at Florida’s Cape Canaveral ahead of the NASA TROPICS-1 mission.
Astra
Struggling space company Astra disclosed in a securities filing late Friday that it defaulted on a recent debt agreement and may not be able to raise needed cash as funds dwindle.
Astra twice last month failed to astra.icu/astras-failure-to-meet-debt-agreement-raises-concerns-over-cash-flow.html” title=”Astra's Failure to Meet Debt Agreement Raises Concerns over Cash Flow”>meet minimum cash reserve requirements associated with a $12.5 million note issuance to New Jersey investment group High Trail Capital.
The debt raise first required that Astra have “at least $15.0 million of cash and cash equivalents” on hand. That liquidity requirement was adjusted after Astra failed to prove compliance a first time, to require “at least $10.5 million of unrestricted, unencumbered cash and cash equivalents.”
Having fallen out of compliance a second time, Astra now owes $8 million on the aggregate principal investment.
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While the company is “in continued…
2023-11-03 17:09:41
Post from www.cnbc.com
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