Spacecraft engine manufacturer Astra Space Inc ASTRoutlined measures available to regain compliance with the Nasdaq Listing Rules and maintain its Class A common stock listing.
On Oct. 6, 2022, Astra received a letter from Nasdaq stating that Astra was no longer in compliance with the Nasdaq Listing Rules as the closing bid price of Astra shares was below $1.00 for 30 consecutive business days.
On Mar. 13, 2023, Astra submitted an application to Nasdaq for an additional 180-day period to comply with the minimum bid price requirement.
Based on the discussions with representatives of Nasdaq, Astra expects to hear back from Nasdaq regarding the application status on or around Apr. 5, 2023.
If at any time during the extended compliance Period, the closing bid price of Astra’s shares needs to be at least $1.00 for a minimum of ten consecutive business days, either due to stock performance or as a result of the company effectuating a reverse stock split.
Price Action: ASTR shares closed at $0.42 on Thursday.
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