Space company Astra going private to avoid bankruptcy after dismal public run

Core Points - Astra will go private in a deal with its founders after a poor performance as a publicly-traded company [1] - The acquisition price is set at 50 cents per share, significantly reduced from the previous offer of $1.50 [1] - The board's special committee believes this deal is the only alternative to filing for Chapter 7 bankruptcy [1] - Astra's stock was halted at 85 cents and closed at 58 cents following the announcement, reflecting a drastic decline in value [1] - The company's current market value is approximately $13 million, a stark contrast to its initial $2.6 billion valuation at the time of going public [1] Company Background - Astra, incorporated in 2016, aimed to mass produce small rockets and conduct frequent launches [2] - The company has successfully reached orbit twice but has also experienced three launch failures [2]