Sky and Space to raise new funds

Perth satellite IoT communications company Sky and Space Global (ASX: SAS) is to raise new funds from investors to fund building and launching eight nano-satellites.

Shareholders at a special meeting approved a proposed share placement and additions to the company’s board of directors.

The company issued a brief statement which said: “Following shareholder approval, SAS will now proceed to complete the placement together with the joint lead managers for the company to finalise new board appointments and recommence trading on the ASX as soon as practicable.”

The company plans a constellation of 200 nano-satellites to provide a global communication network for voice, data and instant messaging.

The company has its first three satellites, now in orbit, manufactured overseas.

In March this year Sky and Space raised $15 million to fund activities.

Picture: Sky and Space Global

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