Astra Space announces agreement to be taken private for 50c per share cash

Astra Space announced that it has entered into a definitive merger agreement pursuant to which the acquiring entity has agreed, subject to customary closing conditions, to acquire all shares of Astra common stock not already owned by it for 50c per share in cash. On March 6, the closing price of Astra’s Class A common stock was 86c per share. The Parent was formed by Chris Kemp, Astra’s co-founder, Chief Executive Officer and chairman, and Dr. Adam London, Astra’s co-founder, Chief Technology Officer and director. The Parent is expected to be owned, at the closing of the transaction, by a number of long-term investors of the company and its predecessor, including Mr. Kemp and Dr. London. “A special committee of the Board of Directors of the Company (the “Board”), comprised solely of independent and disinterested directors, advised by its own independent financial and legal advisors, and taking into account Astra’s current liquidity situation, among other factors, determined that the proposed transaction is in the best interests of Astra and the holders of Astra’s common stock other than Chris Kemp, Dr. Adam London and their respective affiliates and unanimously recommended that the Board approve the transaction,” the company stated. The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions. The transaction has been approved by the written consent of the holders of the requisite number of shares of Astra’s common stock, such that no additional stockholder approval is required.