Astra Space, Inc.: debt financing — Astra Space closes $2.7M net financing via $17.8M convertible notes due 2025 at 12%

Astra Space, Inc.

Net proceeds of ~$2.7M from subsequent financing closed Nov 21, 2023.
Issued ~$17.8M aggregate principal of 12% Senior Secured Convertible Notes due Nov 15, 2025, convertible at ~$0.808/share.
New Warrants to purchase up to 7.7M shares at $0.808; existing Senior Warrant for 1.5M shares unaffected.
Investors include CEO Chris Kemp, CTO Adam London, JMCM Holdings, and SherpaVentures Fund II.
Company must file registration statement by May 1, 2024 to register resale of underlying shares.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Astra Space, Inc. incurred convertible notes of $17.8 million aggregate principal amount of Convertible Notes with JMCM Holdings LLC, SherpaVentures Fund II, LP, Chris Kemp Living Trust, Adam London at 12.0% maturing 2025.

Instrument: convertible notes
Principal: $17.8 million aggregate principal amount of Convertible Notes
Counterparty: JMCM Holdings LLC, SherpaVentures Fund II, LP, Chris Kemp Living Trust, Adam London
Rate: 12.0%
Maturity: 2025
Event: incurrence

Exact text from the filing

Stock, subject to certain adjustments, and that expire on November 6, 2028. Accordingly, upon closing of the Subsequent Financing, the Company had outstanding approximately $17.8 million aggregate principal amount of Convertible Notes and New Warrants to purchase up to 7,696,627 shares of the Class A Common Stock, at an exercise price of $0.808, subject to

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Astra Space, Inc. amended Senior Secured Convertible Note due 2025 with Initial Investors (effective 2023-11-21).

Action: amendment
Agreement: credit facility
Counterparty: Initial Investors
Effective: 2023-11-21

Exact text from the filing

the Company, the Company’s subsidiaries and the Initial Investors agreed to amend and modify the terms of the Existing Notes in their entirety in accordance with the form of 12.0% Senior Secured Convertible Note due 2025 attached hereto as Exhibit 4.1 (the “ Convertible Notes ”) in exchange for the Company’s reimbursement of a premium (including accrued interest thereon from November 6, 2023), of approximately $1.2 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Astra Space, Inc. entered into Securities Purchase Agreement with JMCM Holdings LLC, SherpaVentures Fund II, LP, Chris Kemp Living Trust, Adam London (effective 2023-08-04).

Action: entry
Agreement: equity purchase
Counterparty: JMCM Holdings LLC, SherpaVentures Fund II, LP, Chris Kemp Living Trust, Adam London
Effective: 2023-08-04

Exact text from the filing

Pursuant to the Securities Purchase Agreement dated as of August 4, 2023 (as amended by the Reaffirmation Agreement and Omnibus Amendment Agreement dated as of November 6, 2023, the Limited Waiver and Consent and Omnibus Amendment No. 2 Agreement dated as of November 17, 2023 and the Omnibus Amendment No. 3 Agreement dated as of November 21, 2023) (the “ Subsequent Financing Agreement ”).

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Source: SEC EDGAR

accession 0001193125-23-282784

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