PARIS — Satellite IoT and messaging startup Sky and Space Global, still seeking to complete a capital raise of 15 million Australian dollars ($10.1 million) authorities by shareholders, said its R&D tax rebate from the British government provides enough liquidity to continue operations for six months.
The company, registered in the U.K. but traded on Australia’s ASX, said that as of Sept. 30 it had 475,000 Australian dollars in cash and had used 1.53 million Australian dollars in the three previous months.
The October British tax reimbursement of 2.6 million Australian dollars gave the company total liquidity of 3.07 million Australian dollars as of mid-October. Total cash requirements, absent a restructuring now being considered, were estimated at 1.77 million Australian dollars for the three months ending Dec. 31.
Cash used in operations for the three months ending Sept. 30 totaled 1.525 million Australian dollars.
Sky and Space Global said it was continuing to work on the shareholder-approved placement of new shares to raise 15 million Australian dollars. That would help finance a constellation of inclined-orbit small satellites on order from GomSpace of Sweden and Denmark, and then a follow-on constellation of 200 satellites.
In its Oct. 31 announcement, the company said it expected to inform shareholders “in the coming week” on the refinancing and restructuring initiatives. ASX trading has been suspended pending the refinancing.