$ASTR To Reverse Split

🚀 $ASTR To Reverse Split

June 16, 2023

The Space Scoop

Week Ended 06.16.2023

Happy Friday! This week Astra announced long awaited confirmation of a reverse stock split, Virgin Galactic soared on news of commercial operations, and Terran Orbital hired a previous Virgin Orbit executive. Lets dive in.

Market Max-Q

Top Stories

1) Astra ($ASTR) shareholders voted to approve a reverse stock split.

  • At the 2023 Annual Meeting last week, investors voted for the inevitable: preservation of ASTR shares ability to trade on the Nasdaq.

  • The exact ratio and timing is to be determined later by the discretion of the Board of Directors, but is expected in the range of 1-for-5 to 1-for-15 and no later than June 8, 2024.

  • ASTR received its first warning from the NASDAQ on October 6th and on March 13th submitted an application to Nasdaq for an additional 180-day grace period.

 2) Terran Orbital ($LLAP) welcomed ex-Boeing, Airbus and Virgin Orbit executive as their new Chief Operating Officer.

  • Mr. Tony Gingiss spent more than two decades with Boeing Satellites Systems, served as Chief Executive Officer of Airbus OneWeb Satellites, and most recently served as Chief Operating Officer at Virgin Orbit where he was responsible for the day-to-day operations. 

  • Gingiss was last heard from blasting Virgin Orbit management on his way out (đź‘Ź).

 3) Virgin Galactic ($SPCE) announced the commencement of commercial spaceflight services later this month.

  • The first two spaceflights, Galactic 01 and Galactic 02 are planned to launch between June 27 - 30 and early August, with monthly spaceflights scheduled thereafter.

  • Galactic 01 is a scientific research mission that will carry three crew members from the Italian Air Force to conduct microgravity research.

  • Shares popped +47% to start the day but closed the day +16% higher.

In Other News

Tomorrow io Raises $87M Series E Round 

The weather intelligence and climate adaptation startup's round was led by Activate Capital with participation from RTX Ventures, Seraphim Space ($SSIT), Chemonics, and existing investors. The capital will be used to accelerate the completion of its constellation, which consists of radar-equipped satellites and microwave sounders.

Firefly to Buy Remaining Virgin Orbit Assets for $3.8M 

Firefly Aerospace agreed to buy $VORBQ's remaining assets (which were not sold at the 5/22 bankruptcy auction), including inventory at two production facilities.

Image of the Week

Overview of Participants and Satellites in Monday's Transporter-8 Mission

Links

• BlackSky ($BKSY) Secures $30M+ Contract for High-Frequency Imagery Services• Rocket Lab ($RKLB) Spacecraft Built for Varda Successfully Operating on Orbit• Spire ($SPIR) Launches Technology To Enable Optical Inter-Satellite Links• Satellogic ($SATL) EO Constellation Expands With SpaceX Transporter-8 Mission• Terran Orbital ($LLAP) Assists Polytechnic University of Turin in Building Satellite for First Vatican Space Mission

Opinion

• The Satellite Renaissance• Varda: The Space Drug Factory• Planet ($PL): Time To Buy or a Sinking Ship?• Spire ($SPIR): A Buy After the Likely Reverse Split• Rocket Lab ($RKLB): Financial Turbulence or the Launchpad for Long-Term Growth?