Kleos Space (ASX:KSS) begins bankruptcy proceedings

• Kleos Space (KSS) seeks bankruptcy adjudication in a relevant commercial district court in Luxembourg
• The company’s mandated broker was unable to secure the required commitments for a previously announced converting note facility
• The financier declined to extend forbearance on the loan facility, making loans and accrued amounts due immediately
• In the meantime, trading in Kleos’ securities remains suspended
• KSS shares last traded at 10 cents

Space-powered defence and intelligence technology company Kleos Space (KSS) has commenced bankruptcy proceedings.

The company announced its mandated broker could not secure the necessary commitments to progress a converting note facility previously announced to the market on June 6, 2023.

As a result, the loans and other accrued amounts were made due immediately.

Kleos’ Board announced it had no choice but to acknowledge the company’s inability to meet its financial commitments.

The company has since petitioned the relevant commercial district court in Luxembourg for bankruptcy adjudication. Kleos is now working on the necessary documentation to support its application.

In the meantime, trading in Kleos’ securities remains suspended.

KSS shares last traded at 10 cents.