06:01 PM EST, 02/11/2025 (MT Newswires) -- Spire Global ( SPIR ) said late Tuesday in a regulatory filing that there is "substantial doubt" about its ability to continue as a going concern for the next 12 months due to projected cash needs.

The company said it is unable to meet its covenants under the financing agreement with Blue Torch Finance.

The company said given to the delay in the sale of its maritime business to Kpler Holdings, it is exploring equity or debt financing, potential waivers or asset sales, but there is no guarantee of success.

The company filed a complaint in the Delaware Court of Chancery against Kpler and requested a declaratory judgment that Kpler breached its obligations and isn't "excused from performing its obligations under the purchase agreement, including proceeding with the closing."

The sales price at the closing of the transaction was a cash payment based upon an enterprise value of $233.5 million, subject to customary adjustments, according to the filing.

Spire said it does not expect to meet the Feb. 19 deadline of the New York Stock Exchange to restate financials but expects to finalize the process by the end of this month or early March. The company said it seeks to an extension until March 31.

Spires shares plunged 46% in after-market hours.