London, 28 July 2023.- Kleos Space, a Luxembourg based space-powered defence and intelligence technology company, has commenced bankruptcy proceedings. The company announced its mandated broker could not secure the necessary commitments to progress a converting note facility previously announced to the market on the 6th June 2023. As a result, the loans and other accrued amounts were made due immediately.
The Board announced it has no choice but to acknowledge the company’s inability to meet its financial commitments. The company has since petitioned the relevant commercial district court in Luxembourg for bankruptcy adjudication. Kleos is now working on the necessary documentation to support its application.
Kleos Space launched three clusters of four satellites to detect radio-frequency signals and pinpoint their location. It has provided RF monitoring data to government and commercial customers. The company was one of several vendors that signed agreements with the National Reconnaissance Office to provide radio-frequency data.
Kleos Space’s financing has been run by Pure Asset Management, an Australian investment firm.
“The company’s board has had no alternative but to acknowledge that the Company is unable to meet its financial commitments as they fall due, and that there is no prospect of viable alternative financial accommodation,” said Louis Weis, a spokesperson for Kleos Space.
In the meantime, trading in Kleos’ securities is remaining suspended. The shares last traded at 10 cents.