Sky and Space Global (SAS), formerly a UK-based company with branches in the UK, Israel and Australia, focused on providing communications infrastructure and services using nanosatellite technology. They planned to deploy a constellation of up to 200 nanosatellites in low Earth orbit for narrowband communications and aimed to offer affordable communication coverage globally. SAS's activities included developing software systems for satellite deployment, orbit control, and managing communication networks in space; however, the company faced financial difficulties and was delisted from the Australian Stock Exchange in 2021. The company's "Three Diamonds" demonstration satellites were built by GomSpace.
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Sky and Space Global is seeking to raise 15.8 million Australian dollars in the coming months after an unsuccessful attempt in August.
In April, Sky and Space Global needed $5,200,000 to keep its planned constellation of 200 cubesats on track for a first launch in 2020.
Telefox can convert its $1,100,000 loan to Sky and Space Global into fully paid ordinary shares before Sky and Space Global repays the outstanding loan provided Telefox gives the company written notice.
Sky and Space Global secured a $1,100,000 convertible loan from Israeli financial provider Telefox.
Of the $1,100,000 convertible loan to Sky and Space Global, $983,000 is available as the principal amount and the remainder is the initial interest payment and tax on that interest.
Sky and Space Global planned to buy more satellites from GomSpace despite its funding challenges.
Sky and Space Global sought to raise 7.2 million Australian dollars through stock sales before the end of May to stay on its new launch schedule.
Sky and Space Global planned a second smaller constellation of eight to 16 satellites to expand coverage globally.
The tentative agreement for more satellites requires Sky and Space Global to provide GomSpace with advance payments and financial assurance for payments.
Sky and Space Global launched three prototype satellites on an Indian Polar Satellite Launch Vehicle in 2017 to test technology and services planned for the operational constellation.
The first launch of Sky and Space Global’s 200-cubesat constellation was delayed from the middle of the year to early 2020.
Sky and Space Global missed a $2,300,000 payment to cubesat builder GomSpace in December.
Without the 7.2 million Australian dollars, Sky and Space Global would need to undertake a further capital raising or seek alternative financing to execute its current business plan without changes.
Sky and Space Global raised 7.8 million Australian dollars through stock sales in February.
Sky and Space Global needs to raise 7.2 million Australian dollars to prevent further delays with its constellation of low Earth orbit satellites.
GomSpace Group AB received a payment of T.SEK 20,551 from customer Sky and Space Global.
GomSpace expected to receive the remaining 20.6 million Swedish Krona owed by Sky and Space Global before the end of 2018.
GomSpace notified shareholders on 2019-01-04 that Sky and Space Global had not completed the payment and that a new payment plan was being developed to accommodate Sky and Space Global’s limited cash flow.
Sky and Space Global paid about one third of a 30.9 million Swedish Krona invoice due to GomSpace during GomSpace’s third quarter, which ended 2018-09-30.
Sky and Space Global launched three prototype cubesats in June 2017 on an Indian Polar Satellite Launch Vehicle.