Rocket builder Astra Space gets delisting warning from Nasdaq

A detailed up take a look at Astra’s LV0008 rocket at LC-46 in Cape Canaveral, Florida.

John Kraus / Astra

Embattled small rocket-builder Astra revealed Friday that it obtained a delisting warning from the Nasdaq after its inventory spent 30 consecutive days under $1 per share, a violation of the change’s necessities.

The firm has 180 days to raise its share value or face delisting, based on a regulatory submitting.

Astra inventory closed Friday at 59 cents per share, down greater than 90% this 12 months and greater than 95% off its 52-week excessive of $13.58. The firm debuted on the Nasdaq in July 2021 through a merger with a particular function acquisition firm.

Astra didn’t instantly return request for remark Friday on the delisting warning.

The rocket builder has been saddled with quarterly losses and in August stated it was pausing flights for the rest of the 12 months.

“Whether we’ll be able to commence commercial launches in 2023 will depend on the success of our test flights” for a brand new rocket system, CEO Chris Kemp stated through the firm’s second-quarter convention name.

Astra can also be dealing with a Federal Aviation Administration investigation right into a failed rocket launch in June that was carrying a pair of satellites for NASA’s TROPICS-1 mission. The firm was unable to ship the satellites to orbit, and NASA put the remaining two launches it had contracted from Astra on maintain.

— CNBC’s Michael Sheetz contributed to this report.

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