Form type: 8-K
Filing date: 2023-08-15
Report date: 2023-08-14
Accepted: 2023-08-15 00:18 UTC
Items: 1.01,2.03,9.01
Description: 8-K
Document: asts-20230814.htm
Format: html (XBRL)
Size: 82.1 KB
Download status: downloaded
Current Report (8-K)
0000950170-23-042594 — Filed 2023-08-15
On August 14, 2023, the company secured $100 million in financing through two loan agreements: a $48.5 million senior secured term loan from Atlas Credit Partners at 14.75% fixed interest due in 2026, with an additional $51.5 million available upon future equity raises and insurance coverage, and a $15 million term loan from Lone Star State Bank secured by Texas facility assets at Prime plus 0.75%, maturing in 2029. The company received net proceeds of $37.3 million from the Atlas facility after fees and escrow deposits, which it intends to use for general corporate purposes to support operations and satellite deployment.