Chris Kemp, CEO of Astra, speaks at the company’s headquarters during the company’s “Spacetech Day” on May 12, 2022.
Brady Kenniston/Astra
Manufacturers of spacecraft engines and small rocket builders astra announced Friday that the company is investigating “possible illegal short selling” among shareholders of its common stock.
The company said it has hired financial software company ShareIntel to help review “suspicious, abnormal, or unusual trading activity.”
“Astra remains committed to protecting our investors and maximizing shareholder value,” Chairman and CEO Chris Kemp said in a statement.
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The announcement comes as Astra was faced with a delisting deadline from Nasdaq last year. With shares up 47 cents as of Friday’s open, Astra has until April 4 for the stock price to return above $1 a share for at least 10 consecutive business days or it would receive a delisting notification from the Nasdaq. In this case, Astra can appeal the delisting before a Nasdaq hearing panel.
Astra is expected to report fourth-quarter results after market close on March 30.
