Astra CEO Chris Kemp speaks inside the company’s headquarters during its Spacetech Day, May 12, 2022.
Brady Kenniston / Astra
Spacecraft engine manufacturer and small rocket builder Astra plans to conduct a reverse stock split at a 1 to 15 ratio, the company disclosed in a securities filing Monday.
Astra also seeks to raise up to $65 million through an “at the market” offering of common stock, the filing said.
Shares of Astra were little changed in after-hours trading from their close at 40 cents a share. The company went public in July 2021 via a SPAC deal, at a near $2 billion valuation, before the stock began to tumble after launch failures and development setbacks.
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Astra’s filing said the reverse stock split is expected to take place on or before October 2, after its board approved the plan July 6. The company previously outlined a reverse split as part of its plan to avoid delisting by the Nasdaq…
2023-07-10 17:24:06
Article from www.cnbc.com