Astra completes SPAC merger, goes public
Capitalism in space: Astra yesterday finalized its merger with the investment company Holicity and became the first launch company with stock publicly traded.
Today (June 30), the Bay Area launch startup completed its previously announced merger with Holicity, a special purpose acquisition company (SPAC) backed by Bill Gates and billionaire telecom pioneer Craig McCaw, among others. Astra will start trading on the Nasdaq Global Select Market Thursday (July 1), becoming the first launch company ever to do so — a milestone marked by Astra CEO Chris Kemp, who will ring Nasdaq’s opening bell in the morning.
The merger brings the company $500 million in cash.
Astra has not yet successfully completed an orbital launch, though it hopes to begin monthly launches before the end of the year. It has attempted two orbital test flights, with the second only failing to reach orbit because it ran out of fuel. It says it has contracts for 50 launches, and will ramp up to weekly launches next year.
Astra is one of five rocket companies that have announced they will do their first orbital flight in 2021. So far, none have done so.
Capitalism in space: Astra yesterday finalized its merger with the investment company Holicity and became the first launch company with stock publicly traded.
Today (June 30), the Bay Area launch startup completed its previously announced merger with Holicity, a special purpose acquisition company (SPAC) backed by Bill Gates and billionaire telecom pioneer Craig McCaw, among others. Astra will start trading on the Nasdaq Global Select Market Thursday (July 1), becoming the first launch company ever to do so — a milestone marked by Astra CEO Chris Kemp, who will ring Nasdaq’s opening bell in the morning.
The merger brings the company $500 million in cash.
Astra has not yet successfully completed an orbital launch, though it hopes to begin monthly launches before the end of the year. It has attempted two orbital test flights, with the second only failing to reach orbit because it ran out of fuel. It says it has contracts for 50 launches, and will ramp up to weekly launches next year.
Astra is one of five rocket companies that have announced they will do their first orbital flight in 2021. So far, none have done so.