Astra Space (NASDAQ:ASTR) stock is in the news Friday after the U.S. space travel company revealed plans to go private.
Astra Space is being taken private by a new parent company created by co-founder, Chairman and CEO Chris Kemp and co-founder, Director and Chief Technology Officer Dr. Adam London.
This parent company is proposing taking ASTR stock private for 50 cents per share. The closing price of the shares prior to this announcement was 86 cents. A special committee made up of independent and disinterested investors advised the Board to approve the plan, which it did.
Astra Space investors will note that the Board of Directors doesn’t need to hold a vote on this matter. That’s due to it having written approval from a large enough stake of investors to move forward with the take-private deal.
How This Affects ASTR Stock
Astra Space initially announced this change late yesterday but before markets closed. That saw the company’s stock close out normal trading hours down 32.1%. Now, its shares are up 1% as of Friday morning.
Of course, the price of the stock hardly matters at this point. The take-private deal has already been approved at 50 cents per share and will go into effect during the second quarter of 2024. Once that happens, ASTR will no longer trade on public exchanges.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market news worth reading about on Friday! Among that is what’s AerSale (NASDAQ:ASLE) stock, Affimed (NASDAQ:AFMD) stock and Mira Pharmaceuticals (NASDAQ:MIRA) stock today. You can catch up on all of these topics at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
