Astra, a troubled tiny rocket manufacturer, disclosed on Friday that it has been issued a delisting warning by the Nasdaq after its stock fell below $1 for 30 consecutive days in breach of the exchange’s rules.
According to a regulatory filing, the company has 180 days to increase the price of its shares or risk delisting.
The price of Astra stock on Friday was 59 cents a share, more than 95% below its 52-week high of $13.58 and down more than 90% for the year. In July 2021, the business merged with a special purpose acquisition company, and that same month it made its Nasdaq debut.
When contacted for comment on the delisting notification on Friday, Astra did not respond right away.
Due to quarterly losses, the rocket manufacturer announced in August that it will stop all flights for the rest of the year.
CEO Chris Kemp stated during the company’s second-quarter conference call that the success of test flights for a new rocket system will determine whether or not commercial launches may start in 2023.
The Federal Aviation Administration is also looking into Astra’s failed rocket launch in June that was supposed to be carrying two satellites for NASA’s TROPICS-1 mission. After the business failed to place the satellites in orbit, NASA postponed the other two launches it had ordered from Astra.