Spacecraft engine manufacturer and small rocket builder Astra plans to conduct a reverse stock split at a 1 to 15 ratio, the company disclosed in a securities filing Monday.
Astra also seeks to raise up to $65 million through an "at the market" offering of common stock, the filing said.
Astra's filing said the reverse stock split is expected to take place on or before October 2, after its board approved the plan July 6.
The company previously outlined a reverse split as part of its plan to avoid delisting by the Nasdaq exchange.
Functionally, a reverse split, often done as a 1 for 10, would mean a $3 stock, for example, would become $30 a share.
Organizations:
Astra, Nasdaq