Space company Astra going private to avoid bankruptcy after dismal public run
Publishing timestamp: 2024-03-07 17:13:14
Summary
Astra co-founders Chris Kemp and Adam London have signed an agreement with the company's board to acquire all outstanding common stock at 50 cents per share. The board believed that this take-private deal was the only alternative to filing for Chapter 7 bankruptcy, as Astra has recorded over $750 million in net losses since announcing it would go public in 2021 via SPAC. The company's stock has plummeted, and its market value is now just $13 million, a fraction of its $2.6 billion equity valuation from three years ago.
Sentiment: NEGATIVE
Tickers: ASTR,
Keywords: aerospace and defense industry, business news, business, breaking news: technology, breaking news: business, space industry, transportation, astra space inc, the edge, technology,
Source: https://www.cnbc.com/2024/03/07/space-company-astra-going-private-to-avoid-bankruptcy.html