Astra Space, Inc.: debt financing — Astra Space gets $2.5M additional loan; extends default waivers to Nov 21

Astra Space, Inc.

JMCM provided $2.5M delayed draw term loan and purchased warrants for 869,781 shares at $1.006/share, expiring Nov 13, 2028.
Bridge Notes (~$5.5M) due Nov 17 extended to Nov 21; minimum liquidity covenant waiver also extended to Nov 21.
Company has not regained compliance; refinancing negotiations ongoing with no assurance of success.
Initial financing on Nov 6 totaled ~$13.4M from JMCM and SherpaVentures, including existing notes and bridge notes.

item 1.01 item 2.03 item 2.04 item 3.02

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. incurred term loan of $2.5 million with JMCM Holdings LLC.

Instrument: term loan
Principal: $2.5 million
Counterparty: JMCM Holdings LLC
Event: incurrence

Exact text from the filing

On November 13, 2023, JMCM loaned the full amount of the delayed draw term loan (the “ Additional Advance”) , thereby increasing the outstanding principal balance due on the JMCM Bridge Note by an additional $2.5 million.

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

Astra Space, Inc. reported a default on senior notes of $5.5 million with JMCM Holdings LLC and SherpaVentures Fund II, LLP maturing November 17, 2023.

Instrument: senior notes
Principal: $5.5 million
Counterparty: JMCM Holdings LLC and SherpaVentures Fund II, LLP
Maturity: November 17, 2023
Event: default

Exact text from the filing

The Company and the Investors continue to negotiate with respect to a refinancing of the Initial Financing and Additional Advance and have mutually agreed to extend the maturity date for the approximately $5.5 million, plus accrued interest, due on the Bridge Notes on November 17, 2023.

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Source: SEC EDGAR

accession 0001193125-23-279896

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