This transaction reflects an implied pro forma enterprise value for Astra of approximately $2.1 billion. Upon closing, the transaction is expected to provide up to $500 million in cash proceeds, including up to $300 million of cash held in the trust account of Holicity and an upsized $200 million PIPE led by funds and accounts managed by BlackRock.
In December of 2020, Astra joined a small group of companies that have made it to space. With more than 50 launches in manifest across more than 10 private and public customers, including NASA and DoD, Astra has booked more than $150 million of contracted launch revenue. Astra will begin delivering customer payloads this summer and begin monthly launches by the end of this year.
Following the closing of the transaction, the combined company will continue to be led by Founder and CEO, Chris Kemp and the expectation is that Craig McCaw will join Astra’s board of directors.
The proposed transaction, which is expected to be completed in the second quarter of 2021, has been unanimously approved by the boards of directors of both Astra and Holicity and remains subject to approval by Holicity’s stockholders. Upon the closing of the transaction, the combined company will be named Astra and will be listed on NASDAQ under the symbol “ASTR.”
“This transaction takes us a step closer to our mission of improving life on Earth from space by fully funding our plan to provide daily access to low Earth orbit from anywhere on the planet,” said Chris Kemp, Founder, Chairman, and CEO of Astra.
“I have long believed space provides an unmatched opportunity to benefit and enrich society,” said Craig McCaw, Chairman, and CEO of Holicity. “Astra’s space platform will further improve our communications, help us protect our planet, and unleash entrepreneurs to launch a new generation of services to enhance our lives.”