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 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."
The company performed a 1-for-15 reverse stock split in September to avoid a Nasdaq delisting, which temporarily brought Astra stock above $1 a share.
Organizations:
NASA, Astra, High
Locations:
Florida's Cape Canaveral, New Jersey