Astra Space Founders Aim to Privatize Company With $27.8 Million Buyout Proposal

Founders' offer comes as the small rocket maker grapples with a string of failed launches, shrinking reserves and plummeting valuation from $2 billion to just $30 million within two years.

• Astra Space founders, Chris Kemp and Adam London, have proposed a buyout of the struggling space company valued at $27.8 million, which is a significant decrease from the company's previous valuation of $2 billion.
• The proposed acquisition price per share is $1.5, a 103% premium based on the stock's closing price, and has led to a surge in the company’s shares by about 80%.
• Astra Space has only had two successful launches out of five since going public, including a mission for the U.S. Space Force and a rideshare mission for on-orbit servicing company Spaceflight.
• The company, which was previously focusing on its rocket launch program, has shifted its focus to satellite propulsion systems and has considered selling a majority stake in its in-space propulsion business.
• Astra's cash reserve has dwindled below $10.5 million and it has defaulted on a debt raise. However, it recently secured financing from investors to settle the outstanding debt.

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