- Embattled small rocket-builder Astra said it received a delisting warning from the Nasdaq after its stock spent 30 straight days below $1 per share.
- The company has 180 days to lift its share price or face delisting, according to a regulatory filing.
- The company has been saddled with quarterly losses and in August said it was pausing flights for the remainder of the year.
Embattled small rocket-builder Astra revealed Friday that it received a delisting warning from the Nasdaq after its stock spent 30 consecutive days below $1 per share, a violation of the exchange’s requirements.
The company has 180 days to lift its share price or face delisting, according to a regulatory filing.
Astra stock closed Friday at 59 cents per share, down more than 90% this year and more than 95% off its 52-week high of $13.58. The company debuted on the Nasdaq in July 2021 via a merger with a special purpose acquisition company.
Astra did not immediately return request for comment Friday on the delisting warning.
The rocket builder has been saddled with quarterly losses and in August said it was pausing flights for the remainder of the year.
“Whether we’ll be able to commence commercial launches in 2023 will depend on the success of our test flights” for a new rocket system, CEO Chris Kemp said during the company’s second-quarter conference call.
Astra is also facing a Federal Aviation Administration investigation into a failed rocket launch in June that was carrying a pair of satellites for NASA’s TROPICS-1 mission. The company was unable to deliver the satellites to orbit, and NASA put the remaining two launches it had contracted from Astra on hold.
— CNBC’s Michael Sheetz contributed to this report.
Source: Business - cnbc.com
