On March 17, Astra Space Inc. (ASTR) announced it has rescheduled its fiscal 2021 financial results to March 31, 2021. Moreover, details about the company’s obliviousness towards its changed filing status were also shared. Consequently, the company’s stock plunged down in the after-hours on Thursday.
During the regular trading session, the stock traded in the green while the volume of shares exchanged was above the average. ASTR closed the session with a gain of 7.45% at a price of $4.04 per share. Following the announcement, the stock plunged down to $3.85 per share in the after hours. Thus, the stock declined by 4.70% or $0.19 in the after-hours session on Thursday.
The space launch company, Astra Space Inc. provides satellite launch services. Currently, the company’s 202.08 million outstanding shares have a market capitalization of $971.27 million. Standing at a year-to-date loss of 41.70%, ASTR has increased by 5.48% in the past five days. Moreover, the stock subtracted a value of 67.68% in the past year.
ASTR’s 2021 Financials and Filing Status
Previously, the company was supposed to report its 2021 financial results on March 17, 2022. But as announced, the company has rescheduled the results to March 31. Furthermore, the company expects the 2021 results to be in line or better than its previously issued guidance with cash and cash equivalents of $325 million approx.
Additionally, while preparing the Annual Report, the company became aware of its filing status being changed from non-accelerated filer to large accelerated filer at the end of 2021. Thus, the Annual Report was due on March 1, 2022, for filing and not on March 31, as the company thought.
Following its business combination on June 30, 2021, ASTR was supposed to recalculate its filing status which the company incorrectly believed to not be required until June 30, 2022. Subsequently, the filing status change has thus rendered the company to be no longer an emerging growth company.
Upcoming and Recent Participations
On March 15, the company announced its participation in the upcoming BofA Securities’ STAARS Summit Conference. ASTR’s founder, chairman, and CEO Chris Kemp will participate in a fireside chat at the conference on March 20, 2022.
Previously, Mr. Kemp also participated in a panel discussion and a fireside chat at the Deutsche Bank’s Media, Internet & Telecom Conference on March 14.
Conclusion
The company was expected to report earnings on Thursday. Investors seemed to be waiting for the earnings with much enthusiasm as the stock traded in the green. But the announcement of the postponement and ASTR’s negligence towards its filing status led the stock to a downfall after hours.
