Astra Space, Inc. (Astra) has entered into a merger agreement that will result in the company ceasing to be publicly traded and becoming wholly owned by the parent company. As part of the merger, each Class A Share will be converted into the right to receive $0.50 per share in cash. The merger was approved by the board on March 5, 2024, with key shareholders executing a written consent on March 7, 2024. Astra has also engaged in financing activities, including the sale of Convertible Notes and Company Warrants, raising gross proceeds of approximately $19.9 million since December 31, 2023. However, the company acknowledges the need for substantial additional funding to continue operations until the merger's completion. Astra has amended its financing agreements to extend certain obligations...Show More

Astra Space, Inc. (Astra) has entered into a merger agreement that will result in the company ceasing to be publicly traded and becoming wholly owned by the parent company. As part of the merger, each Class A Share will be converted into the right to receive $0.50 per share in cash. The merger was approved by the board on March 5, 2024, with key shareholders executing a written consent on March 7, 2024. Astra has also engaged in financing activities, including the sale of Convertible Notes and Company Warrants, raising gross proceeds of approximately $19.9 million since December 31, 2023. However, the company acknowledges the need for substantial additional funding to continue operations until the merger's completion. Astra has amended its financing agreements to extend certain obligations and closing dates. Additionally, Astra has entered into a Manufacturing License with Astra Space Technologies Holding, Inc, granting a license to manufacture specific products for $2.5 million in royalties. The company is consolidating operations into its Alameda facility, expecting to complete the move by the third quarter of 2024. Financially, Astra reported revenues of $0.3 million for the three months ended March 31, 2024, from its Space Products segment, with no revenues from Launch Services as it shifts focus to developing its next launch system. The company's operating expenses have decreased, with R&D expenses dropping to $12.6 million from $31.1 million in the same period the previous year. Astra's net income for the quarter was $38.1 million, a significant turnaround from a net loss of $44.9 million in the prior year's quarter, primarily due to gains on the change in fair value of Convertible Notes and warrants.