/sci/ - Science & Math

>>15849009
Astra founders offer to take company private
---
https://spacenews.com/astra-founders-offer-to-take-company-private/
> CEDAR PARK, Texas — Two founders of Astra Space have offered to take the launch vehicle and spacecraft propulsion company private for nearly $30 million.
> In a filing with the U.S. Securities and Exchange Commission Nov. 9, the company said it received a non-binding offer from Chris Kemp and Adam London, chief executive and chief technology officer respectively of Astra, to take the company private at $1.50 per share. That would be more than double the $0.74 share price the company had at the close of trading Nov. 8. The deal would value the company at nearly $30 million.
> In a letter to that special committee, Kemp and London said they were responding to a request from that committee to make an offer. “We believe that Astra’s strategic objectives and business prospects will be best served as a private company,” they wrote. “Taking the company private while delivering a meaningful premium to current shareholders allows for the best interests of shareholders as well as the Company, its employees and its customers to be met.”
> Kemp and London did not disclose their sources of financing for their proposal but said they “anticipate raising $60–65 million of capital.” That funding would cover buying the outstanding shares, transaction expenses and bridge financing while the deal closes. They added their plans are also based on the expectation the company will close an ongoing funding round of $15 million to $25 million the company announced last month.