Astra to lay off 16% of its workforce
Astra, having abandoned its Rocket-3.3 in order to develop its larger Rocket-4 smallsat launcher, announced yesterday that is laying off 16% of its workforce as part of this change in direction.
The decision to abandon Rocket-3.3 has at this time removed the company as an operational rocket company, and has thus put it behind several other competitors which are now gearing up for launch. Its third quarter report also showed a $41 million loss this year, 26% larger than the same quarter last year.
As a result, the company’s stock value has declined 94%, and is now selling for 58 cents per share. If that price does not rise above $1 before April of next year, NASDAQ has said it would delist it.
Astra, having abandoned its Rocket-3.3 in order to develop its larger Rocket-4 smallsat launcher, announced yesterday that is laying off 16% of its workforce as part of this change in direction.
The decision to abandon Rocket-3.3 has at this time removed the company as an operational rocket company, and has thus put it behind several other competitors which are now gearing up for launch. Its third quarter report also showed a $41 million loss this year, 26% larger than the same quarter last year.
As a result, the company’s stock value has declined 94%, and is now selling for 58 cents per share. If that price does not rise above $1 before April of next year, NASDAQ has said it would delist it.