Astra Space to go private
November 10, 2023
A week ago rocket builder Astra Space was fast running out of money. Then a saviour appeared with enough cash to keep the business in compliance with its banking obligations. Now the company has cancelled its Q3 financial report and says it is to be taken private.
Various board changes were announced this week including the departure of Scott Stanford as the company’s Lead Independent Director (although he stays on the company’s Board of Directors) and is replaced as Lead Independent Director by Michael Lehman.
Astra Space’s co-founders Chris Kemp (CEO) and Adam London (CFO) have made a non-binding offer to acquire all of the outstanding common shares of the business.
Their aim is to take the company back into private ownership. The business is now valued at about $30 million. It was once valued at nearer $2.5 billion.
Astra’s Q3 earnings call will now take place on November 13th.