Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

Master Services Agreement with Velo3D, Inc.

On April 14, 2025, the Company entered into a master services agreement (the “Master Services Agreement”) with Velo3D, Inc. (“VLD”), a provider of additive manufacturing solutions, also referred to as 3D printing, pursuant to which VLD will provide services to design and produce components and systems that will be utilized by the Company or its customers in its spacecraft, systems, and components. In exchange for the services, the Company issued an aggregate of 477,455 shares of Class A common stock and 673,408 shares of non-voting Series A Convertible Preferred Stock, par value 0.00001 per share.

Convertible Promissory Note

On May 13, 2025, the Company entered into an unsecured convertible promissory note (the “May 2025 Convertible Note”) with A.G.P./Alliance Global Partners (“AGP”) for a principal amount of $1.2 million. The May 2025 Convertible Note bears interest at 4.5% per annum and matures on November 13, 2026, unless earlier converted or prepaid. AGP may elect to convert all or any portion of the outstanding principal and accrued interest into shares of the Company’s Class A common stock at a conversion price of $1.67 per share, subject to adjustment for stock splits, dividends, or similar events. At maturity, all outstanding principal and accrued interest are payable in cash or, at AGP’s option, in shares of Class A common stock at the conversion price, provided such shares are covered by an effective registration statement and issued without restrictive legends. The Company may prepay the May 2025 Convertible Note in whole or in part at any time without penalty. The May 2025 Convertible Note is subject to a conversion limitation of 19.99% of the Company’s outstanding common stock as of May 13, 2025, unless stockholder approval is obtained per Nasdaq rules. The Company is obligated to file a resale registration statement by June 11, 2025, to register the shares issuable upon conversion.