October 11, 2022: -On Friday, Astra, the Embattled small rocket maker revealed that it received a delisting alert from the Nasdaq following its stock spent 30 consecutive days lower than $1 per share, disregarding the exchange’s requirements.
According to a regulatory filing, the firm has 180 days to lift its share price or face delisting.
Astra stock completed Friday at 59 cents for each share, which was less than 90% and around 95% off its 52-week increased of $13.58. The company debuted on the Nasdaq in 2021 through a merger with a particular purpose investment company.
The rocket builder is saddled with quarterly losses and, in August, said it was stopping flights for the rest of the year.
“Whether we’ll be able to begin commercial coming in 2023 will depend on the success of our test aviation” for the most delinquent rocket system, CEO Chris Kemp counted in the business’s second-quarter conference call.
Astra is facing a Federal Aviation Administration investigation into a failed rocket launch in June. carrying a couple of satellites for NASA’s TROPICS-1 assignment. The business could not deliver the satellites to orbit, and NASA put the remaining two takeoffs it had acquired from Astra on hold
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