Astra Space Inc. Merger Investigation

09.27.2022

Girard Sharp is investigating potential violations of state and federal law on behalf of investors who purchased Holicity Inc. stock prior to its merger with Astra Space Inc. (Ticker: ASTR).

Did You Purchase Holicity Stock Prior to Its Merger With Astra?






More Details on the Astra Space Inc. Merger Investigation

Astra is a company that reportedly aims to provide cheap, mass-produced rockets capable of daily launches by 2025. The company became the first publicly-traded space-launch company on July 1, 2021 when it merged with Holicity, a special purpose acquisition company.

That merger was announced on February 2, 2021. At the time, investors were told that that Astra’s launch systems would be able to “launch from anywhere in the world in 24 hours,” and would be the “most affordable launch systems for small payloads.” An amended quarterly report filed October 22, 2021 represented that Astra’s “rocket requires a launch site with little more than a concrete pad and only six Astra employees on-site, . . . and [Astra’s] production system is designed to scale efficiently to hundreds of launches per year. [Astra’s] rocket’s payload capacity is tailored for the needs of modern LEO satellite constellations.”

Recent reports suggest that these and other similar statements were false and misleading. The reports indicate that Astra does not have the capability to scale as represented to investors and that sufficient market demand for its business model may be lacking. Girard Sharp is investigating whether Holicity’s officers and directors neglected to conduct adequate due diligence before recommending that stockholders approve the merger.

If you purchased stock in Holicity, speak with an investment fraud attorney at Girard Sharp. Call us toll-free at (866) 981-4800 or submit your information using the form above.

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