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Benzinga
  • 2 years ago
The founders of the space company Astra, Chris Kemp and Adam London, have offered to acquire all outstanding stock in the company to take it private. They have proposed $1.50 per share to the Astra board, representing a value of about $30 million for the company. This price per share is a 103% premium over Astra's closing stock price of $0.74 on Wednesday, when it had a market valuation of around $16 million. Astra's rocket launching business has been on hiatus since a failed mission in June 2022, and the company is running low on cash as its spacecraft engine division has not generated significant revenue yet. In August, Astra cut 25% of its workforce to refocus from rocket development to spacecraft propulsion manufacturing.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:03 Founders of the space company Astra, Chris Kemp and Adam London have offered to acquire
00:06 all outstanding stock in the company to take it private.
00:09 They proposed $150 per share to the Astra board, representing a value of about $30 million
00:13 for the company.
00:14 This price per share is a 103% premium over Astra's closing stock price of $0.74 on Wednesday,
00:19 but it had a market valuation of around $16 million.
00:22 Astra's rocket launching business has been on hiatus since a failed mission in June of
00:26 2022 and the company is running low on cash as the spacecraft engine division has not
00:30 yet generated significant revenue.
00:32 For all things money, visit Benzinga.com.
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