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Astra Space

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business2 years ago

Astra Secures Loan Extension from Investors

Astra Space, a launch vehicle and spacecraft propulsion company, has been granted a four-day extension on a loan by investors to secure longer-term funding. The bridge loan, initially valued at $3.05 million, was provided to give Astra time to raise additional liquidity. The company is currently negotiating with investors for a refinancing deal. Astra's founders have also announced an offer to take the company private, valuing it at nearly $30 million, but have not disclosed the source of the required capital. Astra reported a net loss of $29.7 million and $256,000 of revenue in its third-quarter financial results.

via SpaceNews|
#astra-space#business#funding
business2 years ago

Astra founders propose private buyout at reduced valuation

Founders of Astra Space, Chris Kemp and Adam London, have offered to take the launch vehicle and spacecraft propulsion company private for nearly $30 million. The offer, at $1.50 per share, values the company at double its current share price. Kemp and London, who hold 66% of the voting power, believe that taking the company private will serve its strategic objectives and business prospects best. They anticipate raising $60-65 million of capital to cover the outstanding shares, transaction expenses, and bridge financing. Astra's cash reserves have dropped, causing the company to default on a loan, and it recently raised $13.4 million in interim financing. The proposal is under review by a special committee.

via SpaceNews|
#astra-space#business#financing
business2 years ago

Astra's Financial Crisis: Loan Default and Cash Shortage

Astra Space, a launch vehicle and spacecraft propulsion company, defaulted on a $12.5 million loan due to dwindling cash reserves. The loan required the company to have at least $15 million in cash and cash equivalents, but it fell below that threshold on October 11. Astra paid $3.1 million to the investor to address the default, but fell below the lower cash threshold on October 30, triggering another default. The company is in discussions with other investors for financing but cannot guarantee any deals or terms. Astra had previously laid off employees and delayed work on its Rocket 4 launch vehicle.

via SpaceNews|
#astra-space#business#cash-reserves
business2 years ago

Astra's Stock Sale Aims to Raise $65 Million

Astra Space, facing financial challenges and a potential stock delisting, plans to perform a reverse split of its stock and sell up to $65 million in an "at-the-market" offering. The proceeds will be used for working capital and the development of its Rocket 4 launch vehicle and Astra Spacecraft Engine electric thrusters. Astra reported a net loss of $44.9 million in the first quarter and had $62.7 million in cash. The company aims to boost its share price through a 1-for-15 reverse stock split, which will occur no later than October 2.

via SpaceNews|
#astra-space#business#cash-reserves