Beyond transportation, we anticipate that growth of the satellite constellations market may drive demand for our hosted payload, on-orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings, if we are successful in executing on our business plan, including fully developing and validating our technology in space. Satellite constellations have relatively short lifespans and, in our view, will require maintenance, de-orbiting, and other general servicing with higher frequency.
Corporate Information
Our corporate headquarters are located at 3901 N. First Street, San Jose, California 95134 and our telephone number is (650) 564-7820.
Recent Developments
Reverse Stock Split
On August 22, 2023, we filed a Certificate of Amendment to our Second Amended and Restated Certificate of Incorporation with the State of Delaware in order to effectuate a reverse stock split of our outstanding shares of Class A Stock at a ratio of one-for-fifty (1-for-50) shares (the “Reverse Stock Split”). The Reverse Stock Split became effective at 11:59 p.m. eastern time on August 23, 2023. Unless otherwise noted, all share and per share information relating to our Class A Stock in this prospectus supplement has been adjusted to reflect the 1-for-50 Reverse Stock Split.
September 2023 Offering
On September 11, 2023, we sold 210,000 shares of our Class A Stock at a purchase price of $7.43 per share, together with pre-funded warrants to purchase 462,948 shares of Class A Stock at a purchase price of $7.43 per pre-funded warrant less the exercise price of $0.00001 per pre-funded warrant, Series A warrants to purchase 672,948 shares of Class A Stock and Series B warrants to purchase 672,948 shares of Class A Stock (the “September 2023 Offering”).
October 2023 Offering
On October 4, 2023, we sold 290,000 shares of our Class A Stock at a purchase price of $2.00 per share, together with pre-funded warrants to purchase 1,710,000 shares of Class A Stock at a purchase price of $2.00 per pre-funded warrant less the exercise price of $0.00001 per pre-funded warrant and warrants to purchase 2,000,000 shares of Class A Stock (the “October 2023 Offering”).
Warrant Inducement Offer
On November 6, 2023, we entered into a warrant inducement agreement (the “Inducement Agreement”) with a holder (the “Holder”) of certain existing warrants (the “Existing Warrants”) to purchase shares of Class A Stock. Pursuant to the Inducement Agreement, the Holder agreed to exercise for cash its Existing Warrants to purchase 2,904,269 shares of Class A Stock at an exercise price of $2.00 per share, the exercise price per share of the Existing Warrants, plus additional consideration of $0.25 per share of Common Stock, on November 7, 2023, as consideration in exchange for Warrants to purchase 5,808,538 shares of Class A Stock at an exercise price of $3.862 per share of Class A Stock. The investor agreed to pay as additional consideration $0.25 per share of Class A Stock issued upon exercise of the Existing Warrants in order to permit the exercise of such Existing Warrants pursuant to the rules of the Nasdaq Stock Market.
January 2024 Offering
On January 17, 2024, we sold 900,000 shares of our Class A Stock at a purchase price of $1.085 per share, together with pre-funded warrants to purchase 2,787,000 shares of Class A Stock at a purchase price of $1.085 per pre-funded warrant less the exercise price of $0.00001 per pre-funded warrant and warrants to purchase 3,687,000 shares of Class A Stock (the “January 2024 Offering”). As part of the January 2024 Offering, we also