On February 24, 2024, Chris Kemp, co-founder of Astra Space, Inc., and Dr. Adam London, the company's Chief Technology Officer, submitted a revised non-binding proposal to acquire all outstanding equity of Astra Space at $0.50 per share in cash. This revised proposal, contingent on various conditions including $20 million in cash on the balance sheet at closing, follows an initial proposal made on November 8, 2023, at $1.50 per share. The initial proposal was reaffirmed on January 16, 2024, leading to an Exclusivity Agreement on January 19, 2024, which expired on February 2, 2024. The acquisition is subject to final approval by the Special Committee of Astra's Board and the execution of definitive financing arrangements. Additionally, Astra Space closed a subsequent financing on November 21, 2023, with various investors including JMCM...Show More

On February 24, 2024, Chris Kemp, co-founder of Astra Space, Inc., and Dr. Adam London, the company's Chief Technology Officer, submitted a revised non-binding proposal to acquire all outstanding equity of Astra Space at $0.50 per share in cash. This revised proposal, contingent on various conditions including $20 million in cash on the balance sheet at closing, follows an initial proposal made on November 8, 2023, at $1.50 per share. The initial proposal was reaffirmed on January 16, 2024, leading to an Exclusivity Agreement on January 19, 2024, which expired on February 2, 2024. The acquisition is subject to final approval by the Special Committee of Astra's Board and the execution of definitive financing arrangements. Additionally, Astra Space closed a subsequent financing on November 21, 2023, with various investors including JMCM Holdings LLC and SherpaVentures Fund II, LP. The financing involved the purchase of senior secured convertible notes and warrants by the Trust, for which Kemp serves as sole trustee. The financing agreement includes provisions for future offerings and requires stockholder approval for the issuance of shares beyond Nasdaq's imposed limitations. Astra Space is required to file a registration statement with the SEC by May 1, 2024, for the resale of all underlying shares. The reporting persons, Kemp and the Trust, currently hold an aggregate of 12.8% of Astra's Class A Common Stock, with Kemp individually holding 52,972 shares and derivative securities that give him the right to acquire 1,879,129 shares within 60 days. The Trust has shared dispositive power over 838,706 shares of Class A Common Stock underlying convertible notes and warrants, subject to beneficial ownership limitations.