Astra plans a reverse stock split, seeks to raise up to $65 million in offering
Publishing timestamp: 2023-07-10 18:24:06
Summary
Astra, a spacecraft engine manufacturer and small rocket builder, plans to conduct a reverse stock split at a 1 to 15 ratio. They also aim to raise up to $65 million through an "at market" offering of common stock. The reverse split is part of Astra's plan to avoid delisting by the Nasdaq exchange. The reverse split does not affect the company's fundamentals but would lift the stock price by combining shares.
Sentiment: NEUTRAL
Tickers: ASTR,
Keywords: business, the edge, stock markets, breaking news: technology, astra space inc, business news, technology, breaking news: business, aerospace and defense industry, space industry, transportation,
Source: https://www.cnbc.com/2023/07/10/astra-plans-reverse-stock-split-seeks-to-raise-up-to-65-million.html