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Astra asks for more time from Nasdaq before its stock is delisted

The rocket startup Astra has now asked Nasdaq to give it an extra six months beyond the early April deadline to get its stock price above $1 in order to avoid getting delisted from the stock market.

With its share price at $0.42 upon closing Thursday, Astra Chief Financial Officer Axel Martinez wrote in a blog post that the space company formally requested on Monday another six-month window to raise the share price above $1 for 10 consecutive business days as required to stave off a delisting.

It appears the company might be considering a reverse-stock split, whereby stocks are combined with the total number reduced, thus artificially raising the stock price. Nasdaq will consider this tactic an acceptable solution, though it is also considered a last-ditch approach.

Right now Astra is no longer an operational rocket company, having discontinued its Rocket-3 rocket. It says it is developing a new rocket, dubbed Rocket-4, but whether it can get this operational before it runs out of money or gets delisted remains unknown.

Genesis cover

On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.

 

The print edition can be purchased at Amazon. from any other book seller, or direct from my ebook publisher, ebookit. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.


The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
 

"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News

5 comments

  • Col Beausabre

    Vultures are circling

  • sippin_bourbon

    I would want to see the Q4 2022 numbers first, if I worked for NASDAQ.
    They are waiting until Mar30, which is the very last day they can release them w/o penalty.

  • Andi

    So they could theoretically reverse split all the way down until there was only one share outstanding and as long as that share was worth more than $1, it would be acceptable to NASDAQ? Talk about a loophole you could drive a truck through!

  • sippin_bourbon

    I knew it could be done, but had never really looked into it.
    Usually it has to be approved by shareholders/board of directors.

    So if they were going to try it, my guess around the time of the March 30 Q3 updates, they may ask for it.

    I also learned it they are not limited to a 1-2 merge. It can be 1-5, or 1-10.
    Typically, the company changes names at the same time, according (the very fallible) Wikipedia. I assume to try to disassociate the stock value from a name with a bad record.

  • Concerned

    The deflation of the new launcher industry bubble is underway. Hopefully it isn’t an explosive burst.

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