Astra Space, Inc. is an American space company that aims to improve life on Earth from space. Initially an aerospace technology research firm, Astra shifted to developing launch vehicles and now focuses on providing dedicated orbital launch services and space products. They offer the Astra Spacecraft Engine™, an electric propulsion system for small satellites. Astra's customers include NASA, DARPA, Planet, Spire, and Spaceflight.
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The August loan required Astra Space to maintain at least $15,000,000 of cash and cash equivalents to avoid default.
Astra Space fell below the $10,500,000 cash threshold on 2023-10-30, which led to a default.
Astra Space paid the institutional investor $3,100,000 on 2023-11-01.
Astra Space projected having $15,000,000 to $20,000,000 of cash on hand by the end of the third quarter 2023-09-30.
The unnamed institutional investor agreed to waive the 2023-10-11 default if Astra Space kept at least $10,500,000 in cash and cash equivalents and made a $2,100,000 payment.
Astra Space performed a 1-for-15 reverse stock split in September to get its shares above the $1 threshold required by Nasdaq.
Astra Space’s cash on hand fell below the $15,000,000 threshold on 2023-10-11.
Spaceflight arranged launches for hundreds of smallsats on more than 50 launches using vehicles including Astra’s Rocket 3.3, India’s PSLV, and SpaceX’s Falcon 9.
Astra Space reported 278 orders to date for the Astra Spacecraft Engine with an overall value of $77,000,000.
Astra Space expected to finish the second quarter of 2023 with $26,000,000 to $26,500,000 in cash and equivalents on hand.
Astra Space expected to publish its second-quarter 2023 financials on 2023-08-14.
Astra Space’s expected second-quarter 2023 cash of $26,000,000 to $26,500,000 was below its May 2023 forecast of $30,000,000 to $33,000,000.
Astra Space secured a $12,500,000 loan from an unnamed institutional investor and expected net proceeds of $10,800,000 after fees and expenses.
Astra Space laid off about 25% of its workforce on 2023-08-04.
Astra Space announced on 2023-07-10 a plan to sell up to $65,000,000 in stock through an at-the-market offering.
Astra Space designated the $10,800,000 net loan proceeds for working capital and general company expenses.
Astra Space planned a 1-for-15 reverse stock split to raise its stock price above $1 per share and avoid delisting from the Nasdaq exchange.
Astra Space expects a substantial majority of its 278 Astra Spacecraft Engine orders to be delivered by the end of 2024.
Astra Space acquired technology from startup Apollo Fusion in 2021 that underpins the Astra Spacecraft Engine electric thruster.
Astra Space provisionally expected between $500,000 and $1,000,000 in revenue in the second quarter of 2023.