Astra founders propose private buyout at reduced valuation

Founders of Astra Space, Chris Kemp and Adam London, have offered to take the launch vehicle and spacecraft propulsion company private for nearly $30 million. The offer, at $1.50 per share, values the company at double its current share price. Kemp and London, who hold 66% of the voting power, believe that taking the company private will serve its strategic objectives and business prospects best. They anticipate raising $60-65 million of capital to cover the outstanding shares, transaction expenses, and bridge financing. Astra's cash reserves have dropped, causing the company to default on a loan, and it recently raised $13.4 million in interim financing. The proposal is under review by a special committee.