| Related Party Transactions |
15. Related Party Transactions
A summary of the Company’s related party transactions during the nine months ended September 30, 2022 is presented below:
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Amount Due to Related Party as of |
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September 30, |
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December 31, |
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2022 |
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2021 |
| Name |
Nature of Relationship |
Description of the Transactions |
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(in thousands) |
| Seahawk |
Debt Issuer |
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. |
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$ |
19,977 |
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$ |
19,977 |
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| Intelsat |
Debt Issuer |
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. |
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54,149 |
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54,149 |
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Amount Due to Related Party as of |
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Total Payments in the nine months ended September 30, |
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September 30, |
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December 31, |
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Nature of Relationship |
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2022 |
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2021 |
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2022 |
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2021 |
| Name |
Description of the Transactions |
(in thousands) |
| LeoStella |
Joint Venture |
Design, development and manufacture of multiple satellites. |
$ |
22,067 |
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$ |
15,060 |
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$ |
1,667 |
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$ |
8,381 |
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| X-Bow |
Equity Method Investee |
In 2017, the Company received stock in X-Bow. As of September 30, 2022, the Company had a less than 20% investment in X-Bow and had one Board seat. As described in Note 6, the Company has engaged X-Bow to develop a rocket for the Company. |
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1,865 |
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— |
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— |
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| Ursa Space Systems |
Strategic Partner |
The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. |
417 |
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83 |
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| Thales Alenia Space |
Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) |
Design, development and manufacture of telescopes. |
8,170 |
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4,400 |
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Interest on the term loan facility is accrued and compounded annually. No significant interest payments were made in the nine months ended September 30, 2022 or 2021. The Company had interest due to related parties in the amount of $2.8 million as of September 30, 2022, which has been recorded as accrued interest.
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