BERLIN — Investors in launch vehicle and spacecraft propulsion company Astra Space have given the corporate a four-day extension on a loan to offer the corporate more time to line up a longer-term funding deal.
In a filing with the U.S. Securities and Exchange Commission late Nov. 17, Astra announced that JMCM Holdings LLC and SherpaVentures Fund II, LLP has agreed to increase the maturity date of a loan, provided earlier this month, by 4 days to Nov. 21.
Those investors had provided the bridge loan, originally valued at $3.05 million, as a part of an interim financing deal announced Nov. 6. The deal, with an overall value of $13.4 million, included buying an earlier loan to the corporate in addition to the acquisition of stock warrants.
The bridge loan was described on the time by Astra as giving it “time to lift additional liquidity through various capital raising and value cutting initiatives and strategic transactions.” The corporate, running low on money, defaulted on the sooner loan when its money reserves fell below levels outlined within the terms of that agreement.
Astra has not finalized any latest investment into the corporate. Astra noted within the SEC filing that it is constant to barter with the investors on a refinancing of the deal and thus agreed to a four-day extension. It added that the worth of the bridge loan was now $5.5 million after the corporate exercised a “delayed draw term” provision within the deal valued at $2.5 million.
Astra founders Chris Kemp and Adam London, the chief executive and chief technology officer of the corporate, respectively, announced Nov. 9 a proposal to take the corporate private in a deal that might value it at nearly $30 million, double the corporate’s valuation on the time of the announcement. They said they would want to lift between $60 million and $65 million to finance the deal but didn’t disclose the source of that capital. Neither they nor the corporate have provided updates on that proposal since then.
That provide prompted Astra to cancel a quarterly earnings call that was scheduled for Nov. 13. The corporate did release its third quarter financial results Nov. 16, reporting a net lack of $29.7 million and $256,000 of revenue.
The corporate added it delivered eight of its Astra Spacecraft Engine electric propulsion systems, with revenue being recognized within the fourth quarter. It also said it signed contracts with a complete value of $11.7 million for those engines, one with a “major non-U.S. defense prime” and the opposite with an “international industrial space company.” Astra didn’t disclose the identity of either customer.