Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 26

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 26
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ger Transaction described in Note 4. (Reverse Recapitalization) of our 2024 Annual Report. Also see the description of the transaction involving CF&Co. described in Note 17 (Subsequent Events) of this Report. We made purchases totaling $0.4 million from our equity method investee, OS, in the three months ended March 31, 2024.Pursuant to the ATM Program, when designated as sales agent for a particular sale, CF&Co. is to be paid a commission, in cash, at a fixed rate of 3.0% of the gross sales price per share sold under the Second A&R Sales Agreement. CF&Co. is 

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Table of ContentsSATELLOGIC INC. Notes to Condensed Consolidated Financial Statements (in thousands of U.S. dollars, except share and per share information, unless otherwise stated) 

also entitled to reimbursement for certain specified expenses, including the fees and disbursements of CF&Co.’s legal counsel.

15. Secured Convertible Notes

Secured Convertible Notes as of March 31, 2025 and December 31, 2024 were as follows:March 31,December 31,20252024Secured Convertible Notes$96,590 $79,070 Less: Current portion— — Total non-current debt$96,590 $79,070 On April 12, 2024, the Company, Nettar and Acquiom Agency Services LLC (the “Holder Representative”) entered into that certain Note Purchase Agreement (the “Note Purchase Agreement”) with the Purchaser, pursuant to which Nettar agreed to issue $30.0 million in aggregate principal amount of floating rate secured convertible promissory notes (the “Secured Convertible Notes”) to the Purchaser. The net proceeds from the issuance of the Secured Convertible Notes, after deducting transaction fees and other debt issuance costs, was approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum (10.70% as of March 31, 2025), subject to an additional 4.0% per annum if certain events of default occur and are continuing (“Contingent Interest Feature”). The Secured Convertible Notes are guaranteed by the Company and each of the Company’s material subsidiaries (other than Nettar), and are secured by substantially all of the