In its financial report for 2018-19, the company said the company was seeking to raise a total of $15.875 million through an offer to existing shareholders and to investors.
Complicating plans the Australian Securities and Investments Commission (ASIC) issued a stop order in relation to the share issue prospectus.
SAS said it expected that would be lifted with the lodgement of the financial report and resolution of ASIC concerns.
SAS incorporated in the UK in 2015 and listed on the Australian Securities Exchange in May 2016.
The company is based in Perth and is well advanced in plans for what it calls the Pearls constellation of as many as 200 nanosatellites in equatorial orbit, providing low-cost communications, data and internet services for markets in Africa, South America and Asia.
SAS is proposing an additional satellite constellation, allowing full global coverage, including Australia, Russia, China, South Africa, Argentina and Canada. The company has more than 50 agreements in place for use of its services.
In 2017, SAS Global launched three prototype satellites on an Indian rocket to test its technology.
SAS said that gave it more than two years of space proven heritage de-risking deployment, operations and the business model.
SAS remains in voluntary suspension from trading on the ASX. The company the suspension will end once the capital raising is completed, two Australian resident directors are appointed and all ASX requirements are satisfied.
In the latest report, SAS directors said in May 2019, SAS reached three years since listing on the ASX, with more than 50 potential future customers signed up.
The company’s skilled workforce has expanded, with 50 staff, supporting current and future operations.
“The company has been very busy putting in place the foundations necessary to become a successful global commercial nanosatellite company and a satellite communication service provider that sets new standards in the global space industry through technological innovation,” the report said.
The company plans for the commercial service of its 6U nano-satellites constellation to begin in fourth quarter next year.
SAS reported a consolidated loss of $30 million for 2018-19, compared with $8.3 million the previous year.
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