Satellogic Inc. announced that it has entered into a Note Purchase Agreement with the new investor Tether Investments Limited to issue floating rate secured convertible promissory notes in the aggregate principal amount of $30,000,000 on April 12, 2024. The net proceeds from the Offering, after deducting transaction fees and other debt issuance costs, were approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum, subject to an additional 4.0% per annum if certain events of default occur and are continuing.

The Secured Convertible Notes are guaranteed by the Company and each of the Company?s material subsidiaries, and are secured by substantially all of the Company?s and its subsidiaries? assets. The Borrower may issue additional Secured Convertible Notes under the terms thereof, provided the aggregate principal amount outstanding does not exceed $50 million.

The Secured Convertible Notes mature on April 12, 2028. The Secured Convertible Notes are convertible into shares of the Company?s Class A ordinary shares at an initial conversion price of $1.20, subject to customary anti-dilution adjustments.