A detailed up take a look at Astra’s LV0008 rocket at LC-46 in Cape Canaveral, Florida.
John Kraus / Astra
Embattled small rocket-builder Astra revealed Friday that it received a delisting warning from the Nasdaq after its stock spent 30 consecutive days below $1 per share, a violation of the exchange’s requirements.
The corporate has 180 days to lift its share price or face delisting, in line with a regulatory filing.
Astra stock closed Friday at 59 cents per share, down greater than 90% this 12 months and greater than 95% off its 52-week high of $13.58. The corporate debuted on the Nasdaq in July 2021 via a merger with a special purpose acquisition company.
Astra didn’t immediately return request for comment Friday on the delisting warning.
The rocket builder has been saddled with quarterly losses and in August said it was pausing flights for the rest of the 12 months.
“Whether we’ll have the opportunity to start business launches in 2023 will depend upon the success of our test flights” for a latest rocket system, CEO Chris Kemp said through the company’s second-quarter conference call.
Astra can be facing a Federal Aviation Administration investigation right into a failed rocket launch in June that was carrying a pair of satellites for NASA’s TROPICS-1 mission. The corporate was unable to deliver the satellites to orbit, and NASA put the remaining two launches it had contracted from Astra on hold.
— CNBC’s Michael Sheetz contributed to this report.