Nasdaq issues a delisting notice to rocket builder Astra Space

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Last Updated on October 9, 2022 by Bitfinsider

Astra disclosed on Friday that it received a delisting warning from the Nasdaq after its shares fell below $1 per share for 30 consecutive trading days, a violation of the exchange’s regulations.

A regulatory filing indicates that the corporation has 180 days to increase its share price or risk delisting.

Astra stock ended trading on Friday at 59 cents a share, down more than 90% year-to-date and more than 95% from its 52-week high of $13.58. In July of 2021, the company debuted on the Nasdaq through a combination with a special purpose acquisition company.

Friday, Astra did not immediately respond to a request for comment on the delisting notice.

The rocket manufacturer has suffered quarterly losses and announced in August that it will suspend flights for the balance of the year.

During the company’s second-quarter conference call, CEO Chris Kemp stated, “The success of our test flights for a new rocket system will determine if we can begin commercial launches in 2023.”

Astra is also being investigated by the Federal Aviation Administration for a botched rocket launch in June that was carrying two satellites for NASA’s TROPICS-1 program. NASA halted the last two launches it had contracted from Astra because the business was unable to send the satellites into orbit.

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