Astra Space (Nasdaq: ASTR) is investigating potential illegal short selling of the company's stock weeks as the April 4th delisting deadline approaches.
Astra Space, Inc. (“Astra”) (Nasdaq: ASTR), a small-satellite launch provider, has announced that it is proactively reviewing stockholder ownership of its Class A common stock. This move is aimed at identifying any parties to suspicious, aberrant or unusual trading activity and deploying corrective action steps to help curtail any such activity. The company has tasked ShareIntel-Shareholder Intelligence Services, LLC (“ShareIntel”) to assist with the review and analysis.
As part of its ongoing corporate governance efforts, the company has partnered with ShareIntel to track share ownership, monitor any irregular trading behaviour, and take appropriate measures, if deemed necessary by the analysis obtained by ShareIntel. ShareIntel’s service offerings will provide Astra with access and insight into broker-dealer, clearing firm and stockholder position movement. This is designed to help coordinate, monitor and enhance corporate governance, stockholder communication, regulatory compliance, and surveillance of trading in Astra’s shares.
Chris Kemp, Astra Founder, Chairman, and CEO, said, “Astra remains committed to protecting our investors and maximizing stockholder value. Partnering with ShareIntel will allow Astra to track share ownership, monitor any irregular trading behavior, and take appropriate measures, if necessary.”
David Wenger, President, and CEO of ShareIntel, stated, “We look forward to helping Astra Space, Inc. identify parties to potential illegal naked short selling and assist in implementing action plans to address any such activity.”
This review comes just weeks before the company is likely to be removed from the Nasdaq stock exchange due to failure to maintain a high enough bidding cost over time. The delisting is expected to happen on April 4th according to a letter from Nasdaq to ASTR in October last year.