Kleos Space is celebrating a successful satellite launch with a capital raise
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Kleos Space (ASX:KSS) says it has made contact with all four of its nanosatellites after they were launched into orbit from India on Saturday.
The company also announced Monday it would engage in a capital raising and had been granted a trading halt to execute it.
— ISRO (@isro) November 7, 2020
The company said the radio reconnaissance satellites had been successfully “detumbled”, an essential component of every satellite launch to stop them from spinning in orbit.
The satellites’ battery systems are working also as expected, Kleos said.
They have been deployed into a 37-degree inclined orbit to provide extensive coverage of the Strait of Hormuz, the South China Sea, East/West Africa, the Southern Sea of Japan, the northern Australian coast and the Timor Sea.
“This launch marks an important milestone for Kleos and will, post the satellite commissioning phase, enable the collection, then delivery of our commercial and independent data to government agencies…. and organisations interested in locating threats, assets or those in need of search and rescue,” Kleos Space chief executive Andy Bowyer said.
KSS shares had last traded at 86c, up from 30c at the beginning of October.