Astra Space Stock Is Blasting Off Thursday: What's Going On?

Astra Space Inc ASTR shares are trading higher Thursday after the company received a non-binding proposal from its founders to acquire all of its outstanding common stock.

What Happened: Astra Space founders Chris Kemp and Adam London made a proposal to acquire all of the outstanding common stock that they do not currently own for $1.50 per share in cash. 

Both Kemp and London currently sit on the company's board. Kemp is Astra Space's CEO and London is the CTO. The board previously formed a special committee to consider financing and strategic transaction proposals. The committee plans to review and consider the offer, and ultimately move in the direction that it determines is best for shareholders. 

Astra Space offers dedicated orbital launch services and flight-proven electric propulsion systems for satellites.

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ASTR Price Action: Astra Space shares were up 56.7% at $1.16 at the time of publication, according to Benzinga Pro.

Photo: SpaceX-Imagery from Pixabay.