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Astra investigating 'potential illegal short selling' as delisting deadline looms - CtrlF.XYZ

Astra investigating 'potential illegal short selling' as delisting deadline looms

2 years ago 85

Astra CEO Chris Kemp speaks wrong the company's office during the company's "Spacetech Day" connected May 12, 2022.

Brady Kenniston / Astra

Spacecraft motor shaper and tiny rocket builder Astra announced connected Friday that the institution is investigating "potential amerciable abbreviated selling" among shareholders of its communal stock.

The institution said it hired fiscal bundle steadfast ShareIntel to assistance with its reappraisal of "suspicious, aberrant oregon antithetic trading activity."

"Astra remains committed to protecting our investors and maximizing stockholder value," Chairman and CEO Chris Kemp said successful a statement.

The announcement comes arsenic Astra faces a delisting deadline issued by the Nasdaq past year. With shares astatine 47 cents arsenic of Friday's open, Astra has until April 4 for its banal terms to instrumentality supra $1 a stock for astatine slightest 10 consecutive concern days, oregon it would person a Nasdaq delisting notice. If that happens, Astra is capable to entreaty the delisting earlier a Nasdaq hearings panel.

Astra is expected to study fourth-quarter results aft marketplace adjacent connected Mar. 30.

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