A view from onboard the upper phase of rocket LV0009 throughout the business’s livestream on March 15, 2022.
Astra/ NASASpace flight
Spacecraft engine producer and little rocket home builder Astra on Thursday detailed a strategy to prevent having its stock delisted from the Nasdaq.
With an exchange-imposed due date of April 4 illustration near– and Astra’s stock still listed below the $1 a share level it requires to go beyond to stay on the exchange– the business submitted a strategy previously this month, looking for an 180- day extension, it stated Thursday.
If effective, the appeal would offer Astra tillOct 1 to get its shares above $1 for a minimum of 10 successive organization days.
“Based on our discussions with representatives of Nasdaq, we expect to hear back from Nasdaq regarding the status of our application on or around April 5, 2023, and we are not aware of any reason why our application would not be approved,” Astra CFO Axel Martinez composed in a post.
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In its strategy, Astra likewise kept in mind the possibility of performing a reverse stock split to return into compliance with Nasdaq’s listing requirements. A reverse split does not impact the basics of a business, as it is not dilutive to the stock and does not alter the business’s evaluation, however it would raise the stock cost by integrating shares.
A reverse split can be viewed as an indication a business remains in distress and is attempting to “artificially” enhance its stock cost, or it can be considered as a method for a feasible business with a battered stock to continue operations on a public exchange. Functionally, a reverse split, typically done as a 1-for-10, would suggest a $3 stock, for instance, would end up being $30 a share.
“Astra continues to actively monitor our listing status and intends to preserve our Nasdaq listing,” Martinez composed.
The business is anticipated to report fourth-quarter outcomes after market close onMar 30.
— CNBC’s Scott Schnipper added to this report.