Rocket builder Astra Space receives delisting warning from Nasdaq
A close up of Astra’s LV0008 rocket at LC-46 in Cape Canaveral, Florida.
Astra, a struggling small rocket maker, revealed on Friday that it received a delisting warning from the Nasdaq after its stock fell 30 consecutive days below $1 per share, a violation of exchange requirements.
The company has 180 days to raise its share price or face delisting, according to a regulatory filing.
Astra stock closed Friday at 59 cents per share, down more than 90% this year and more than 95% from its 52-week high of $13.58. The company debuted on the Nasdaq in July 2021 via a merger with a special purpose acquisition company.
Astra did not immediately return Friday’s request for comment on the delisting warning.
The rocket maker has been struggling with quarterly losses and said in August it was suspending flights for the rest of the year.
“The ability to begin commercial launches in 2023 will depend on the success of our test flights” for a new rocket system, CEO Chris Kemp said during the company’s second-quarter conference call.
Astra is also facing a Federal Aviation Administration investigation into a failed June launch of a rocket that carried a pair of satellites for NASA’s TROPICS-1 mission. The company was unable to deliver the satellites into orbit, and NASA suspended the two remaining launches it had contracted with Astra.
– CNBC’s Michael Sheetz contributed to this report.