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Difficulty obtaining financing moved Sky and Space Global’s target launch from late 2019 to the end of 2020.
Sky and Space Global received a British tax rebate worth £1,430,000in October.
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.
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.
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 needs to raise 7.2 million Australian dollars to prevent further delays with its constellation of low Earth orbit satellites.
Sky and Space Global planned a second smaller constellation of eight to 16 satellites to expand coverage globally.
Sky and Space Global raised 7.8 million Australian dollars through stock sales in February.
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.
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.
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.
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 planned to buy more satellites from GomSpace despite its funding challenges.
Sky and Space Global missed a $2,300,000 payment to cubesat builder GomSpace in December.
GomSpace Group AB received a payment of T.SEK 20,551 from customer Sky and Space Global.
Sky and Space Global launched three prototype cubesats in June 2017 on an Indian Polar Satellite Launch Vehicle.
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 could not be reached for comment on 2019-01-04.