Astra Space, Inc.: debt financing — Astra Space triggers default on $12.5M note; cash requirement breached, interest rate rises to 15%

Astra Space, Inc.

On Oct 30, 2023, event of default under senior secured note due to failure to maintain $10.5M cash requirement and missing compliance certificate.
Interest rate on note increased to 15% per annum default interest; investor can accelerate principal at 115%.
On Nov 1, 2023, Company paid $3.1M (including 115% amortization and default interest), reducing principal to $8.0M.
Company in discussions for additional financings and strategic transactions but no assurance of completion.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Astra Space, Inc. faced acceleration on senior notes of $12.5 million with an institutional investor at 15.0% per annum maturing November 1, 2024.

Instrument: senior notes
Principal: $12.5 million
Counterparty: an institutional investor
Rate: 15.0% per annum
Maturity: November 1, 2024
Event: acceleration

Exact text from the filing

and the Company issued and sold on August 4, 2023, in a registered direct offering to the Investor (the “ Offering ”), a senior secured note in an aggregate principal amount of $12.5 million (the “ Note ”) and warrants to purchase up to 22.5 million shares of the Company’s Class A common stock, par value $0.0001 per share. The Note bears interest at 9.0% per annum,

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Source: SEC EDGAR

accession 0001193125-23-270510

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