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Astra has not announced when it plans to release its fourth-quarter and full-year 2023 financial results.
A special committee of Astra’s board was reviewing a revised proposal offered on 2024-02-24 by founders Chris Kemp and Adam London to take Astra private at $0.50 per share.
Astra sold $300,000 in convertible notes to founders Chris Kemp and Adam London, raising $275,000 for the company after fees.
Chris Kemp and Adam London estimated they would need $40,000,000 to $45,000,000 to complete the transaction to take Astra private.
In November, Kemp and London estimated needing to raise $60,000,000 to $65,000,000 to take Astra private at the $1.50-per-share price.
Chris Kemp and Adam London reduced their offer to take Astra private from $1.50 per share to $0.50 per share.
Kemp and London anticipated raising $45,000,000 overall to take Astra private under the revised proposal.
Astra reported a 2024-01-19 funding agreement that generated net proceeds of $5,850,000.
Astra’s share price was $1.76 at the close of trading on 2024-02-26, which was higher than the revised $0.50-per-share proposal.
Astra shares closed down less than 1% on 2024-02-27 following the SEC filing of Kemp and London’s revised proposal.
Chris Kemp and Adam London sent a letter to a special committee of Astra’s board of directors on 2024-02-24 and Astra filed that letter with the U.S. Securities and Exchange Commission on 2024-02-27.
The ASE MAX (XENON.KRYPTON) from Astra is a monopropellant thruster with thrusts of 0.05 N using krypton and 0.06 N using xenon.
Sidus Space, Inc. received ASTRA Flight Software Version 1.0 and ASTRA flight hardware from NASA Stennis and installed them on the company’s LizzieSat satellite ahead of its first-quarter 2024 SpaceX Transporter 10 launch.
When LizzieSat launches in 2024, the NASA Stennis Autonomous Systems Laboratory team will send targeted satellite operations commands for ASTRA Flight Software via the Sidus flight computer.
Astra Space announced a partnership with SaxaVord Spaceport in May 2022 and previously expressed interest in launching from SaxaVord.
Sidus Space received ASTRA Flight Software Version 1.0 and ASTRA flight hardware from NASA Stennis and installed them on the company’s LizzieSat satellite ahead of the first quarter 2024 SpaceX Transporter 10 launch.
When LizzieSat launches in 2024, the NASA Stennis Autonomous Systems Laboratory team will send targeted satellite operations commands for ASTRA Flight Software via the Sidus flight computer.
Astra faced potential delisting from Nasdaq after its share price fell below $1 per share, prompting Astra’s backers to work on funding to take the company private.
Astra described the 2023-11-06 initial financing as linked to a non-binding term sheet that the company announced on 2023-10-23 seeking to raise $15,000,000 to $25,000,000.
Astra co-founders Chris Kemp and Adam London offered to take Astra private for $1.50 per share in an offer announced on 2023-11-09.