Astra's Survival Strategy: Layoffs, Debt, and Engine Focus
Astra, a struggling space company, is cutting 25% of its workforce and shifting its focus to its spacecraft engine business in order to ensure sufficient resources and financial stability. The company plans to reallocate personnel from its rocket development program to its space products unit. The layoffs are expected to result in $4 million in quarterly cost savings. Astra also raised $10.8 million in debt proceeds. The company's restructuring will delay progress on its small rocket development. Astra aims to deliver on its existing spacecraft engine orders and is seeking additional capital to support its operations.