The Sky and Space Global Ltd (ASX: SAS) share price will remain at $0.028 per share after the company announced a voluntary suspension extension, Board changes and a company update to the market.
What did Sky and Space announce in the company update?
The company announced it has signed a Heads of Agreement (HoA) with GomSpace to deliver newly designed 6U nanosatellites from the end of 2019 which will allow the company to add a Global Coverage constellation and grow its customer base.
Sky and Space's US debt funding for launch is progressing as planned and operating expenditure has been reduced by more than 12% ($1.4 million on an annualised basis).
It wasn't all good news, however, with Sky and Space pushing back its planned launch of the first batch of nanosatellites from mid-2019 to early-2020, with two Memorandums of Understanding (MoU) having been signed with Arianespace SA and Rocket Lab.
What else did Sky and Space announce?
Sky and Space followed up the company update with an ASX announcement regarding changes to its Board of Directors, effective immediately.
The company announced that Michael Malone and Di Fulton have tendered their resignations from the Board having supported the company as it progressed with changes to its operating strategy and business plan.
Sky and Space has commenced a process to appoint two new Australian resident non-executive Directors to the Board to support its ongoing vision.
The company's request to extend its voluntary suspension from the ASX to allow it to appoint the two directors mentioned above and expects to remain suspended until Thursday 18 April 2019.
The satellite company hasn't traded since last Wednesday and has had a spate of trading halts and voluntary suspension extensions in recent months – as it has seen its share price fall from $0.054 per share to $0.028 per share.
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