News & Media, page-2116

Assuming the pearls cost 500k each then SAS would need 8 million to build 16 pearls. Considering that:

https://research.danskebank.com/research/#/Research/article/7d766c24-b23a-4c7c-ba47-73ef2a7807e7/EN

"...Work related to SAS was halted in H2 18 and by end 2018 GomSpace had outstanding receivables amounting to SEK33m. The project remains on
hold, awaiting further payments. It is hard to predict how much GomSpace would deliver to SAS in the near term if the order is resumed. For now, GomSpace guidance excludes the SAS order..."

"...During the year GomSpace built up capacity to
enable it to meet a large order (c.EUR60m) from key customer Sky Space and Global (SAS).
Since the order is currently on hold, this means a mismatch between capacity and activity
level which resulted in a gross margin of 6% (25%) in Q4 18. EBIT was SEK-44m in the
quarter and cash & cash equivalents was SEK261m following the recent rights issue. A total of 50-60 employees were offboarded in Q4 18 and Q1 19 in order to adjust capacity, with full effect on costs by Q2-Q3 19. Other employees will be reallocated within the company and costs should start to adjust during the year..."

So to me that is a pretty solid confirmation that no pearls have been made and it seems that even gommspace has abandoned the idea by letting staffs go.

So from the prospectus, SAS has just over 5 million to use as payment to suppliers. Based of earlier assumptions of 16 pearls costing 8 millions then in my view SAS would not have enough money for 16 pearls.

You said:

"...Given first batch mid year is 16, second is 16-30 3 months later..."

In my view, it is unlikely that the second batch, if it is ever possible in the first place, to have more than 16 simply of the limit of the d-orbit deployers capacity and virgin orbit maximum load limit.

So in my view, unless SAS can manage to get around 20 million in bank loans then they would certainly need to do another CR, perhaps at more than 50 percent discount this time.

Either way I would be betting on tombstones than confettis if I were you...

The way i see it, it is over red rover...