Astra investigating ‘potential illegal short selling’ as delisting deadline looms

Business News

In this article

Astra CEO Chris Kemp speaks inside the company’s headquarters during the company’s “Spacetech Day” on May 12, 2022.
Brady Kenniston / Astra

Spacecraft engine manufacturer and small rocket builder Astra announced on Friday that the company is investigating “potential illegal short selling” among shareholders of its common stock.

The company said it hired financial software firm ShareIntel to assist with its review of “suspicious, aberrant or unusual trading activity.”

You Might Like

“Astra remains committed to protecting our investors and maximizing stockholder value,” Chairman and CEO Chris Kemp said in a statement.

Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

The announcement comes as Astra faces a delisting deadline issued by the Nasdaq last year. With shares at 47 cents as of Friday’s open, Astra has until April 4 for its stock price to return above $1 a share for at least ten consecutive business days, or it would receive a Nasdaq delisting notice. If that happens, Astra is able to appeal the delisting before a Nasdaq hearings panel.

Astra is expected to report fourth-quarter results after market close on Mar. 30.

Articles You May Like

Florida Man Friday: Ever Dance With the Devil in the Pale Security Video Light?
Virginia teachers arrested for ‘inappropriate contact’ with students, police say
JPMorgan Says US Probably Headed For Recession Amid Banking Crisis
GHOULISH: ABC’s Moran Ties Trans School Shooter to TN Republicans Protecting Kids
YouTube Targets LifeSite’s Movie Analysis for ‘Hate Speech’

Leave a Reply

Your email address will not be published. Required fields are marked *