Astra Space Goes Private in Bid to Avoid Bankruptcy

Astra Space, once valued at $2.6 billion, accepts founders' buyout offer at $0.50 per share to prevent liquidation.

Astra Space's founders, CEO Chris Kemp and CTO Adam London, have agreed to take the company private at $0.50 per share, a significant reduction from their initial $1.50 offer.
The decision comes after a series of financial struggles and operational setbacks, including multiple launch failures and a hiatus in rocket-launching operations since June 2022.
The company, which went public via a SPAC merger in 2021, has seen its stock value plummet by more than 99% from its peak shortly after going public.
Astra's board approved the buyout proposal, emphasizing it as the only viable alternative to filing for Chapter 7 bankruptcy and liquidating the company.
The deal, expected to close in the second quarter, aims to provide Astra with a minimum of $20 million in cash to finance operations and support future orders.