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The Space Investor - 🚀 $ASTR's Reverse Split

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The Space Scoop
Week Ended 09.15.2023
Happy Friday! It was a tame week for market indices, but certain space SPACs took a beating. A Wall Street firm is bullish on Redwire and Astra completed its inevitable reverse split while Sidus appealed for a six month extension. Lets dive in.

Market Max-Q

Top Stories
1) Astra ($ASTR) completed a 1-for-15 reverse split on Thursday.
  • Astra will join Momentus ($MNTS) and Spire ($SPIR) in the recent commonly used move by space SPACs in an effort to avoid delisting by "boosting" their share price back above $1.
     
  • Investors will see their holdings be cut down by a multiple of 15. Did you have 150 shares? Now you will have 10. Will it matter? Time will tell. On Day 1, shares fell -15% and finished the week -25% lower.
2) Rocket Lab ($RKLB) CEO Peter Beck sold shares of his company and investors reacted negatively.
  • Shares dropped -12% on Tuesday upon filing and are down -17% for the week after CEO sold 3.6M shares (of his 483.3M) worth $22M.
     
  • Peter cleared the air by tweeting the following: "I sold a small holding yesterday for estate planning purposes and to capitalize my charitable foundation. No further sales planned for the foreseeable future."
     
  • Our take? This is an over reaction in a sensitive stock market. If you as a long-term investor are dumping holding over this, you will kick yourself down the road. This is a non-event.
3) Mynaric ($MYNA) reported 1H'23 earnings on Thursday afternoon. Highlights include:
  • Available Liquidity: €38M
  • Revenue: €4.4M, +17,612% YoY
  • Oper. Loss: €(28)M vs. €(35)M
  • Backlog (Units): 370, +75% YoY
  • Shares: -11%

In Other News
Open Cosmos Raises $50M Series B Round (Company)
The satellite designer and operator startup will use the funding to accelerate international growth and expand its offerings. ETF Partners, Trill Impact and A&G led the round.

Prewitt Ridge Raises $4.1M Seed Round (Payload)
The space software startup will expand its go-to-market team and build new integrations for its Verve platform requirements. Squadra Ventures led the round, with participation from Stage Venture Partners, Aurelia Foundry, Wonder Ventures, Haystack, Acquia, techStars, GC&H and angel investors.

Roth Capital Initiates Coverage on Redwire with a 'Buy' Rating (CNBC)
$RDW was also given a $10 per share price target (back at its de-SPAC level), implying potential for more than doubling in price.  "We believe RDW's program contract-based revenue model provides strong visibility and predictability for investors," said Managing Director Suji Desilva.

Chart of the Week
Rocket Lab's Rough Week: $RKLB had a rough week falling -17% on the back of a Tuesday -12% decline on CEO Peter Beck's $22M sale for a charitable trust.

Links
• Terran Orbital ($LLAP) Opens 60k Sq Ft Factory Addition in Irvine, CA

• Telesat ($TSAT) and SpaceX Announce 14-Launch Agreement for Lightspeed LEO Satellites

• DISA and Space Force Award Iridium ($IRDM) PLEO Satellite-Based Services Contract

• Sidus ($SIDU) Announces Contract With HEO for Non-Earth Imaging Payload and Data Services

• Rocket Lab ($RKLB) Signs Deal With Leidos ($LDOS) To Launch Four HASTE Missions

• Viasat ($VSAT) Announces Proposed Private Placement of $733.4M of Senior Notes

• Sidus ($SIDU) Announces 180-Day Extension To Regain NASDAQ Price Compliance

• Spire ($SPIR) Selected by Estuaire To Monitor and Reduce Aviation Emissions

• Virgin Galactic ($SPCE) Announces ‘Galactic 04’ Flight Window Opens October 5th

• Skyloom and Satellogic ($SATL) Sign Agreement for Multipath Optical Comms Data Transmission

Opinion
• Post-SPAC Space Firms Redoubling Efforts To Attract Institutional Investors

• Putting the Private Into Private Spaceflight

• Planet ($PL) Earnings Review: Sluggish Growth Could Continue This Year

• Rocket Lab ($RKLB): Emerging Orbital Launch Leader, Speculative Buy

• Intuitive Machines ($LUNR) Has Been Obliterated
Forward Forward
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TheSpaceInvestor
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Disclaimer: The Space Investor ("TSI") does not provide financial advice. All content is for informational purposes only and is not a solicitation to buy or sell any assets. TSI is not a registered investment, legal, or tax advisor or a broker/dealer.

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