Astra goes private
The troubled rocket startup Astra has completed a purchase deal with its original two founders, with the company becoming a privately owned company entirely owned by those two individuals.
Under the terms of the definitive agreement for the transaction (the “Merger Agreement”) that was previously announced on March 7, 2024, Apogee Parent, Inc., (“Parent”), an entity formed by Chris Kemp, Astra’s co-founder, chief executive officer and chairman, and Dr. Adam London, Astra’s co-founder, chief technology officer and director, will acquire all of the outstanding shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Shares”) not already owned by it for the right to receive $0.50 per share in cash, as more fully described in the Merger Agreement.
With the completion of the take-private acquisition, the Class A Shares ceased trading prior to the opening of trading on July 18, 2024 and will no longer be listed on the Nasdaq Capital Market (“Nasdaq”).
Whether this deal can save the company remains unknown. It ceased launching its Rocket-3 rocket due to technical problems and the rocket’s overall small capacity, and has been very short of cash, hindering development of its proposed larger Rocket-4.
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Kemp tweeted they are still planning on Rocket four, while selling spacecraft engines for Satellites.
The latter will put him in competition with others, but also back in competition with RocketLab, who announced that they will get into the spacecraft engine market a couple months ago.
The difference? Rocketlab already makes spacecraft/satellites and components for them. They have their foot in the door so to speak.