Astra investigates ‘potential unlawful brief promoting’ as delisting deadline looms

Astra CEO Chris Kemp speaks inside the corporate’s headquarters in the course of the firm’s “Spacetech Day” on Could 12, 2022.

Brady Kenniston / Astra

Spacecraft engine producer and small rocket builder Astra introduced on Friday that the corporate is investigating “potential unlawful brief promoting” amongst shareholders of its frequent inventory.

The corporate stated it employed monetary software program agency ShareIntel to help with its overview of “suspicious, aberrant or uncommon buying and selling exercise.”

“Astra stays dedicated to defending our traders and maximizing stockholder worth,” Chairman and CEO Chris Kemp stated in a press release.

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The announcement comes as Astra faces a delisting deadline issued by the Nasdaq final 12 months. With shares at 47 cents as of Friday’s open, Astra has till April 4 for its inventory worth to return above $1 a share for a minimum of ten consecutive enterprise days, or it will obtain a Nasdaq delisting discover. If that occurs, Astra is ready to enchantment the delisting earlier than a Nasdaq hearings panel.

Astra is predicted to report fourth-quarter outcomes after market shut on Mar. 30.

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