Space launch company Astra to go public via merger with SPAC Holicity

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Space launch company Astra said Tuesday it is going public via a merger with special purpose acquisition corporation, or SPAC, Holicity Inc. in a deal with an enterprise value of about $2.1 billion. SPACs, or blank-check companies, raise funds in an IPO and then set about acquiring a business or businesses. Once the deal has closed, the new company will be named Astra and trade on Nasdaq under the ticker symbol "ASTR." It will have up to $500 million in cash proceeds to launch space services. Astra became one of the companies to make it to space in December 2020 and has booked more than $150 million of contracted launch revenue. The company is planning to deliver customer payloads this summer and start monthly launches by year-end. The combined company will be led by Founder and Chief Executive Chris Kemp. The deal is expected to close in the second quarter. Holicity shares were not yet active premarket.