1 year ago
109 A adjacent up look astatine Astra's LV0008 rocket astatine LC-46 successful Cape Canaveral, Florida.
John Kraus / Astra
Embattled tiny rocket-builder Astra revealed Friday that it received a delisting informing from the Nasdaq aft its banal spent 30 consecutive days beneath $1 per share, a usurpation of the exchange's requirements.
The institution has 180 days to assistance its stock terms oregon look delisting, according to a regulatory filing.
Astra banal closed Friday astatine 59 cents per share, down much than 90% this twelvemonth and much than 95% disconnected its 52-week precocious of $13.58. The institution debuted connected the Nasdaq successful July 2021 via a merger with a peculiar intent acquisition company.
Astra did not instantly instrumentality petition for remark Friday connected the delisting warning.
The rocket builder has been saddled with quarterly losses and successful August said it was pausing flights for the remainder of the year.
"Whether we'll beryllium capable to commence commercialized launches successful 2023 volition beryllium connected the occurrence of our trial flights" for a caller rocket system, CEO Chris Kemp said during the company's second-quarter league call.
Astra is besides facing a Federal Aviation Administration probe into a failed rocket motorboat successful June that was carrying a brace of satellites for NASA's TROPICS-1 mission. The institution was incapable to present the satellites to orbit, and NASA enactment the remaining 2 launches it had contracted from Astra connected hold.
— CNBC's Michael Sheetz contributed to this report.
