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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 25 slides",
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  "authorName": "Houlihan Lokey",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Details the engagement of two different financial advisors and the lack of actionable proposals from multiple outreach rounds.",
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      "text": "The Company engaged PJT Partners to act as its financial advisor in connection with future financing activities and to explore potential strategic investments in the Astra Spacecraft Engine (\"ASE\"), among other strategic transactions. Process began on August 8, 2023, and involved outreach to 30 parties, resulting in no affirmative written proposals, with the exception of a term sheet from Party P regarding an investment in ASE.",
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      "text": "Following the conclusion of PJT Partners' process, Houlihan Lokey was engaged as the financial advisor to the Special Committee. At the direction of the Special Committee, Houlihan Lokey: In November and December 2023, contacted 11 parties, of which 8 parties were incremental to the PJT outreach, regarding a sale and/or other strategic transaction involving the Company; no proposals were received aside from proposals from Party B and Party L. Reached advanced discussions with affiliates of [***] regarding a Chapter 11 bankruptcy filing. [***] declined to sponsor such arrangement and no other DIP lenders were identified. In February 2024 held discussions with a number of the Company's customers and related stakeholders regarding various strategic transactions including but not limited to lending arrangements, investments, a sale of ASE and a sale of the Company (including in the context of a Chapter 11 bankruptcy filing). Discussions resulted in no actionable proposals from the parties involved, despite intervention of the Space Development Agency to broker a potential solution.",
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      "text": "Source: Company management.",
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      "text": "Summary of Strategic Outreach",
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