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The first commercial space launch vehicle ‘Hanbit-Nano,’ developed by the South Korean company Innospace, took off into space on the morning of the 23rd, but it reportedly crashed and collided after traveling for approximately 30 seconds.

On that day, Innospace mentioned, “Hanbit-Nano identified an issue in the vehicle roughly 30 seconds after takeoff and landed inside a specified safe zone on the ground.” It further noted, “No injuries or indications of further damage were observed as it crashed into the ground within a controlled area.” Innospace’s stock value dropped by around 22% on that day.

Earlier, Hanbit-Nano was launched at 10:13 a.m. on that day from the Alcântara Space Center in Brazil, but flames were seen in the live stream during its climb, causing rumors that it probably exploded. The live transmission was then suddenly cut off.

Hanbit-Nano had previously delayed its launch on three occasions. The initial attempt, planned for the 18th (local time, the 17th), was canceled because of a problem with the cooling device in the first-stage oxidizer supply system. On the 20th (local time, the 19th), the launch was postponed once more due to problems with the ground power supply system and an unusual condition in the discharge valve of the second-stage liquid methane tank.