Launch Startup Astra Sets Sights on NASDAQ Listing
Astra, a privately-funded launch startup company and Holicity, a special purpose acquisition company (“SPAC”), have announced a definitive business combination agreement that will result in Astra becoming a publicly traded company. The transaction reflects an implied pro-forma enterprise value for Astra of approximately $2.1 billion. Upon closing, the transaction is expected to provide up to $500 million in cash proceeds, including up to $300 million of cash held in the trust account of Holicity and an upsized $200 million PIPE led by funds and accounts managed by BlackRock.
“This transaction takes us a step closer to our mission of improving life on Earth from space by fully funding our plan to provide daily access to low Earth orbit from anywhere on the planet.”
Chris Kemp, Founder, Chairman and CEO of Astra.
“This transaction takes us a step closer to our mission of improving life on Earth from space by fully funding our plan to provide daily access to low Earth orbit from anywhere on the planet,” said Chris Kemp, Founder, Chairman and CEO of Astra.
“I have long believed space provides an unmatched opportunity to benefit and enrich society,” said Craig McCaw, Chairman and CEO of Holicity. “Astra’s space platform will further improve our communications, help us protect our planet, and unleash entrepreneurs to launch a new generation of services to enhance our lives.”
https://youtu.be/pQG8Z_wko1w
In December 2020, launch startup Astra joined a small, elite group of companies that have made it to space. Rocket 3.2 lifted off from the Alaskan coast on December 15th at 12:55 pm PT followed by more than two minutes of a successful first stage flight. A few seconds later, we completed a nominal stage separation and ignition of the upper stage, and blasted past the Kármán line, the border between Earth’s atmosphere and outer space. Almost seven minutes later, traveling over 16,000 miles per hour (Mach 21), Astra’s upper stage engine shut down nominally after depleting all of its fuel. Rocket 3.2 precisely achieved its target altitude of 236 miles at 4.5 miles/sec … just short of orbital velocity of 4.8 miles/sec.
With over 50 launches in manifest across more than 10 private and public customers, including NASA and DOD, Astra has booked over $150 million of contracted launch revenue. Astra plans to begin delivering customer payloads this summer and begin monthly launches by the end of this year.
Following the closing of the transaction, the combined company will continue to be led by Founder and CEO Chris Kemp. It is expected that Craig McCaw will join Astra’s board of directors.
The proposed transaction, which is expected to be completed in the second quarter of 2021, has been unanimously approved by the boards of directors of both Astra and Holicity and remains subject to approval by Holicity’s stockholders. Upon the closing of the transaction, the combined company will be named Astra and will be listed on NASDAQ under the symbol “ASTR.”
(Source: Astra news release. Image from Astra YouTube video)