Astrea (NASDAQ:ASAX) sent out the sort of reminder today that it likely would not have thought necessary – that it is a different company from space venture Astra (NASDAQ:ASTR), which itself de-SPAC’d in July. Astra was the combination company of Holicity, Inc.
Astra (the space company) suffered a -26% drop in Thursday trading after one of its rockets failed to deploy its payload of satellites following launch and is down a further -5% in the premarket. Similarly-named Astrea, which intends to combine with HotelPlanner and Reservations.com, also took a -16.6% hit yesterday and wanted to make sure investors knew what they were dumping.
While the thought of investors panic-selling the wrong company based on an event is amusing, it is also possible that some of Astrea’s volume is due to the fact that its shareholders went “ex-redemption” yesterday, since it had until today to make their redemption decisions ahead of a completion vote on Tuesday. Astra is set to complete its combination with HotelPlanner and Reservations.com following this special meeting on February 15.
Whatever the cause of Astrea’s sudden downturn, the clarification likely cannot hurt. If these shares were sold in error it makes for a really unfortunate timing of events in an already difficult SPAC environment.
Astrea originally announced its $567 million deal with HotelPlanner and Reservations.com on August 10. West Palm Beach, Florida-based HotelPlanner provides an online hotel-booking platform and counts event-booker Meetings.com among its portfolio. Reservations.com booked over 1 million hotel stays on its site in 2019.
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...
At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...