Rocket Lab Steps In to Fix Astra's Mistake
Astra Space may be falling apart.
One of a slew of new space companies that went public during the pandemic, Astra introduced itself to investors via SPAC IPO in 2021 at the usual SPAC valuation of $10 a share -- but it has since lost 95% of that value.
On Friday, Astra's chief engineer and executive VP of operations Benjamin Lyon resigned "to pursue another professional opportunity" after the company lost nearly $200 million on less than $3 million in revenue in the third quarter -- and announced it would lay off 16% of its staff. Astra says it is cutting expenses and focusing on "primary near-term objectives" such as selling "Astra Spacecraft Engines" to other companies.
Source Fool.com
