SAN DIEGO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Astra Space, Inc. f/k/a Holicity, Inc. (“Astra Space” or “the Company”) (NASDAQ: ASTR).
On December 29, 2021, Kerrisdale Capital, a short seller, released a report alleging multiple problems with Astra Space. The report alleges that: “Astra’s rocket launch projections are nonsense. No market analysis supports Astra’s planned 300+ launches by 2025. Excluding satellites from SpaceX and China from industry-wide forecasts, there is insufficient demand to support even a fraction of Astra’s aggressive forecast.”
Additionally, the report added, “2021 EBITDA will come in -35% below original SPAC forecasts, and even with the benefit of delayed capex, Astra is burning cash at a rate of $50-$60m per quarter. Even only 5 months after closing a deal that placed nearly $500m of cash on Astra’s balance sheet, the company has already walked back ‘being fully funded to 2025’ and instead indicated it will only have enough cash to get through sometime in 2023.”
If you have information that could assist in this investigation, including past employees and others, or a Astra Space shareholder and are interested in learning more about the investigation, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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