Astra Founders Offer $1.50 per Share to Take Company Private, Valuing it at $30 Million
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.
00:34 [BLANK_AUDIO]