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The category of space race stocks just got a little smaller. After months of struggling, Astra Space and ASTR stock have stopped trading on the Nasdaq, per a U.S. Securities & Exchange Commission (SEC) regulatory filing dated July 18, 2024.
ALAMEDA, Calif.--(BUSINESS WIRE)---- $ASTR #adastra--Astra Space, Inc. (“Astra” or the “Company”) (Nasdaq: ASTR) announced today that it has filed its definitive Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934 describing the Agreement and Plan of Merger (as amended or otherwise modified in accordance with its terms, the “Merger Agreement,” and such merger transaction, the “Merger”), dated as of March 7, 2024, by and among Apogee Parent Inc., a Delaware corporation (“Parent”).
Investors are increasingly turning to space stocks as attractive opportunities to grow their wealth. High-profile entrepreneurs like Jeff Bezos and Richard Branson have paved the way with their private spaceflight ventures in recent years.
Astra Space (NASDAQ: ASTR ) stock is in the news Friday after the U.S. space travel company revealed plans to go private. Astra Space is being taken private by a new parent company created by co-founder, chairman and CEO Chris Kemp, and co-founder, director and Chief Technology Officer Dr. Adam London.
Space company Astra will go private in a cut-rate deal with its founders after a dismal run as a publicly-traded stock.
2024 might be the year space stocks break through years of shakiness and pre-revenue indecision. Already, we're seeing major companies like SpaceX, Rocket Lab USA (NASDAQ: RKLB ), and AST SpaceMobile (NASDAQ: ASTS ) rack up win after win.
While many space companies battened the hatches to survive, a few publicly-traded names are running on fumes.
Shares of Astra Space surged nearly 85% after the company's founders offered to take the company private in a $30 million deal, according to a securities filing. The deal, proposed by CEO Adam London and Chairman Chris Kemp, valued Astra at $1.50 per share.
Virgin Galactic (SPCE) shares jumped after the company announced plans to pause space flights in 2023 to focus on developing its next generation of aircrafts. The move comes as Virgin Galactic laid off 18% of staff to "cut costs and realign resources".
Astra Space (NASDAQ: ASTR ) stock is rising higher on Thursday as investors in the space services company react to an offer to take it private. This offer comes from Chris Kemp and Adam London.