Astra defaults on debt agreement, warns it may not be able to raise needed cash
Publishing timestamp: 2023-11-03 18:09:41
Summary
Astra, a struggling space company, has disclosed in a securities filing that it defaulted on a recent debt agreement and may not be able to raise the needed cash. The company failed to meet minimum cash reserve requirements and now owes $8 million on its principal investment. Astra is in discussions with other investors but cannot guarantee any additional transactions. The company has previously undergone a reverse stock split and cut its workforce. Third-quarter results are expected to be reported on November 13.
Sentiment: NEGATIVE
Tickers: ASTR,
Keywords: space industry, business news, breaking news: business, technology, astra space inc, breaking news: technology, business, the edge, aerospace and defense industry, transportation,