Astra Space

According to a SEC filing, Astra Space has received another short term bridge loan to further solve its long term funding woes. The loan came from the same two providers that bailed out the company at the end of last month.

The two founders of Astra Space, Chris Kemp and Adam London, have sent a proposal to the company’s board to take it private with a $30 million valuation. This comes about a week into the search for new funds before its bridge loan comes due on November 17.

Last week Astra Space, a space launch and engine company, defaulted on its debt leading to the need to take on a short term funding round in hope it can find more before running out of cash. The company has been struggling for the past year to keep its stock price above the $1.00 mark and get its Rocket 4 developed.

Astra shareholders voted to perform a reverse stock split in the company’s annual shareholder meeting. As the company’s stock remains below the NASDAQ limit, this quick fix could give Astra more time to get its Launch System 2 online.

It was a bold decision by Astra to scrap its flight-proven (ish) Rocket 3.3 vehicle for a brand new “Launch System 2,” which includes a new Rocket 4 vehicle. But it seems to be paying off with the Space Force signing on for a mission in the next few years.

It looks like we will be getting an update on Astra’s progress on its Launch System 2 next month with the company’s second annual “Spacetech Day” event. The event will also cover the company’s electric propulsion system.

Last week, the US saw the second biggest bank closure in history, with the FDIC taking over Silicon Valley Bank. While SVB specialized in tech startups, space companies also used the bank, including Astra, Rocket Lab, and more.

Last June Astra launched its final Rocket 3 mission, which was a pair of satellites for NASA. Sadly that mission did not end well with a failure in the second stage. The company has now released its report detailing what went wrong.

It’s already been about a month since Astra’s closing price on NASDAQ went below the $1 limit, which triggers some issues with the powers that be in New York. Since then, the stock price has continued to decrease in value as failed launches have led the company to shift to a new rocket design.

Just over a year ago, Astra went public on the Nasdaq Global Select Market, closing at $12.90 on its first day. Astra’s stock price has since plummeted to less than $1, starting a clock before it could be moved off the Nasdaq.

Astra lifted off once again from Florida’s Space Coast, this time carrying NASA’s TROPICS-1 mission. However, it failed to make orbit after the second stage shut down early. This is the second failed mission Astra has launched for NASA and makes a total of five failed flights overall.

At Astra’s Spacetech Day 2022, it unveiled a first look at Rocket 4, the company’s new, larger rocket which is set to have its first test launch later this year.

Astra launched its LV0009 Rocket 3 from Kodiak, Alaska, with three payloads from launch services company Spaceflight Inc. While there seemed to be some hiccup during deployment, Astra announced that all payloads are communicating with its customers.

In a press release on March 7, Astra released preliminary information about what happened during its ELaNa 41 mission last month. In it, Astra’s LV0008 Rocket 3 suffered from one anomaly, but two.

We’re at a point in history where we’re seeing the booming world of retail trading meeting the new territory of publicly-traded rocket launch providers. This week, Astra has shown that things aren’t always bright and rosy when these two worlds meet.