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Astra defaulted on the terms of the August loan when its cash reserves dropped below $10.5 million, triggering a $3,100,000 payment at a higher interest rate.
Astra had announced on 2023-10-23 a planned financing round valued at up to $25,000,000 with JMCM Holdings as the planned lead investor and participation from Sherpa Venture Funds II.
Astra prioritized its propulsion business in August 2023 by moving personnel to it amid layoffs elsewhere in the company because of a backlog of business valued at $77,000,000 at that time.
Astra’s market value has dropped by more than 99% from its peak shortly after the company completed a SPAC merger in July 2021.
Astra previously planned for each of JMCM Holdings and Sherpa Venture Funds II to contribute $5,000,000 to the financing round.
Astra Space shares fell nearly 19% in aftermarket trading on 2023-11-03.
Astra Space secured a $12,500,000 loan in August from an unnamed institutional investor.
The August loan required Astra Space to maintain at least $15,000,000 of cash and cash equivalents to avoid default.
Astra Space fell below the $10,500,000 cash threshold on 2023-10-30, which led to a default.
Astra Space performed a 1-for-15 reverse stock split in September to get its shares above the $1 threshold required by Nasdaq.
Astra Space signed a non-binding term sheet with JMCM Holdings LLC on 2023-10-23 for JMCM to be the lead investor in a loan of up to $25,000,000.
Astra Space’s cash on hand fell below the $15,000,000 threshold on 2023-10-11.
The unnamed institutional investor agreed to waive the 2023-10-11 default if Astra Space kept at least $10,500,000 in cash and cash equivalents and made a $2,100,000 payment.
Astra Space paid the institutional investor $3,100,000 on 2023-11-01.
Astra Space projected having $15,000,000 to $20,000,000 of cash on hand by the end of the third quarter 2023-09-30.
SES deployed the new ASTRA 1 Sports platform in Europe as part of the NFL content distribution solution.
Spaceflight arranged launches for hundreds of smallsats on more than 50 launches using vehicles including Astra’s Rocket 3.3, India’s PSLV, and SpaceX’s Falcon 9.
Astra retired its Rocket 3.3 vehicle to work on the larger Rocket 4.
Astra withdrew its Rocket 3.3 vehicle from the market after a series of failures.
Astra forecasted an adjusted EBITDA loss of $25,000,000 to $29,000,000 in the third quarter and ending the quarter with $15,000,000 to $20,000,000 of cash and equivalents on hand.