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Sky And Space Global Need To Raise $5.2 Million To Keep On Schedule

Sky and Space Global is a company that has been preparing to make an entire constellation of cubesats for the services of low-data-rate and voice communication. Unfortunately, the company has recently announced that the cash they have in hand would just be enough to carry on with their plans for next two months. SAS Global had given a notice to Australian Securities Exchange on April 15th and said that they would need a big raise of about $5.2 million. Otherwise, there would be delays in making satellites for the low Earth orbit. SAS had then accumulated $5.2 million via stock exchange during February. However, their troubles did not end as two companies that had wished to underwrite about 3 million in Australian dollars in the form of stock had suddenly retreated back their steps.

To add to their troubles, in the first launch of SAS Global of the constellation of 200 cubesats, there was a delay which was declared on April 9th 2019. The launched was postponed to the mid 2019 to early 2020. SAS Global did not reveal any cause for the delay. They refused to reveal if it was a delay from Virginia Orbit who was in responsible for the LauncherOne rocket that has not conducted any missions till date or building and development issues or delay in payment to GomSpace which is the cubesat builder.

In order to stick to the latest schedule of launch, SAS Global has been trying to get a raise of $5.2 million via stock sales before May ends. The company has made it clear that they are in dire need of the money, or see other modes of financing if they want to stick to the target that they have fixed. If they fail to do so, they might have to entirely stop the project.

Fritz Shaffer
Fritz Shaffer Author
LEAD EDITOR At Industry News USA

With a strong hold on the business domain with an experience of over 10 years, FritzĀ  Shaffer owns a Masters Degree in Business Administrations. He is associated with Industry News USA from last 3 years and handles the Business section successfully. In team Industry News USA, Fritz is known as an affluent source of knowledge. He is honored for greatest efforts in his field. With a unique style of communicating, Fritz is labeled as a problem-solver of Industry News USA.

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