Billionaire-based space company Astra Space is planning a reverse stock split after its shares faced a Nasdaq delisting.
The California-based company said its board has approved a plan for a 1-for-15 reverse stock split that will occur no before October 2023.
Shares of Astra fell on Tuesday morning to just above $0.36, below the $1 mark necessary to maintain a Nasdaq listing.
Astra also said it had signed a sales agreement with Roth Capital Partners under which it will sell up to $65 million of its stock in an at-the-market offering.
The launch vehicle company based in Alameda, California was incorporated in October 2016 by Chris Kemp and Adam London. Its investors include BlackRock, Advance, ACME, Airbus Ventures, Innovation Endeavors, Salesforce co-founder Marc Benioff, and former Disney CEO Michael Eisner.
Shares have dropped 97% from their peak in early July 2021, following its merger with Holicity, a special-purpose acquisition company, to debut on the Nasdaq.
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