Astra's Desperate Move: Going Private to Avoid Bankruptcy
Space company Astra, after a dismal run as a publicly-traded stock, will go private in a deal with its founders to acquire all outstanding common stock at 50 cents a share, aiming to avoid bankruptcy. The company's market value is now about $13 million, a fraction of its $2.6 billion equity valuation at its public debut three years ago. Astra's rocket-launching business has been on hiatus since a June 2022 mission failure, and despite efforts to drive revenue, the company recorded over $750 million in net losses since announcing it would go public.
