In a bid to salvage its future, space company Astra has announced a revised deal to go private, with co-founders Chris Kemp and Adam London taking the helm. The agreement, signed with the company's board, involves the acquisition of all outstanding common stock at a significantly reduced price of 50 cents per share. The move comes after a series of disappointing performances as a publicly-traded stock, forcing the board to consider alternatives to bankruptcy.

After months of financial challenges, Astra's co-founders reached an agreement with the board to acquire the company's shares. The deal is expected to be finalized in the second quarter, pending necessary approvals. A special committee, with Kemp and London abstaining, voted in favor of the take-private plan, emphasizing that it was "the only alternative" to filing for Chapter 7 bankruptcy.

The decision to revise the offer from $1.50 to 50 cents per share underscores the dire situation Astra finds itself in. As of the announcement, the company's stock, which had been halted at 85 cents a share, closed at 58 cents. This drastic decrease in value brings Astra's market valuation to approximately $13 million, a stark contrast to the $2.6 billion equity valuation it had when it went public through a special purpose acquisition company (SPAC) three years ago.

Astra, a San Francisco-based company established in 2016, initially set out to mass-produce small rockets and conduct frequent launches. However, since its stock debut, the company has faced various setbacks, including three launch failures and a hiatus in its rocket-launching business following a mission failure in June 2022. Despite acquiring a spacecraft propulsion business, Astra struggled to generate significant quarterly revenue and was forced to implement employee layoffs in an effort to survive.

The company's financial troubles are evident from its reported net losses, which have soared past $750 million since the decision to go public was announced. This has prompted Astra's founders to seek alternative solutions, ultimately leading to the decision to go private.

While the revised deal offers a lifeline for Astra, it remains to be seen whether the move will enable the company to rebound and regain its footing in the highly competitive space industry. As stakeholders await the completion of the deal, Astra continues to search for ways to overcome its challenges and chart a path towards profitability and success.