Astra Space plans reverse stock split, $65M capital raise

In a regulatory filing, Astra Space disclosed that the company entered into a sales agreement with Roth Capital Partners. The sales agreement provides for the offer and sale of the company’s Class A common stock, from time to time through an “at the market offering” program under which the agent will act as sales agent or principal, subject to certain limitations, including the maximum aggregate dollar amount registered pursuant to the applicable prospectus supplement. Pursuant to the prospectus supplement filed by the company on July 10, the company may offer and sell up to $65M of shares of Class A Common Stock pursuant to the sales agreement; provided however that, until the consummation of a reverse stock split of all of its issued and outstanding Class A Common Stock and Class B common stock, the company may only offer and sell 50M shares of Class A Common Stock pursuant to the terms of the sales agreement. On July 6, the company’s board of directors approved the Reverse Stock Split at a ratio of (a) one new share of Class A Common Stock for fifteen shares of Class A Common Stock then issued and outstanding; and (b) one new share of Class B Common Stock for fifteen shares of Class B Common Stock then issued and outstanding. The reverse stock split is expected to be consummated on or before October 2.