UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13E-3
RULE 13e-3 TRANSACTION STATEMENT UNDER SECTION 13(e)
OF THE SECURITIES EXCHANGE ACT OF 1934
ASTRA SPACE, INC.
(Name of the Issuer)
Astra Space, Inc.
Apogee Parent Inc.
Apogee Merger Sub Inc.
Chris C. Kemp
Adam P. London
(Names of Persons Filing Statement)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
04634X202
(CUSIP Number of Class of Securities)
Chris C. Kemp Adam P. London Astra Space, Inc. 1900 Skyhawk Street Alameda, California (866) 278-7217 | Chris C. Kemp Adam P. London Apogee Parent Inc. Apogee Merger Sub Inc. 1900 Skyhawk Street Alameda, California (866) 278-7217 |
(Name, Address and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)
With copies to
Lillian Kim Stephen B. Amdur Pillsbury Winthrop Shaw Pittman LLP 31 West 52nd Street New York, New York (212) 858-1000 | Katheryn A. Gettman Kevin Roggow Cozen O’Connor LLP 33 South 6th Street, Suite 3800 Minneapolis, Minnesota (612) 260-9000 | Jenny Hochenberg Boris Feldman Freshfields Bruckhaus Deringer LLP 601 Lexington Ave New York, New York (212) 277-4000 |
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS TRANSACTION, PASSED ON THE MERITS OR THE FAIRNESS OF THE TRANSACTION OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
This statement is filed in connection with (check the appropriate box):
| a. | ☒ | The filing of solicitation materials or an information statement subject to Regulation 14A (§§ 240.14a-1 through 240.14b-2), Regulation 14C (§§ 240.14c-1 through 240.14c-101) or Rule 13e-3(c) (§ 240.13e-3(c)) under the Securities Exchange Act of 1934 (the “Exchange Act”). | ||
| b. | ☐ | The filing of a registration statement under the Securities Act of 1933. | ||
| c. | ☐ | A tender offer. | ||
| d. | ☐ | None of the above. | ||
Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒
Check the following box if the filing is a final amendment reporting the results of the transaction: ☐
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (this “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Exchange Act, by (a) Astra Space, Inc., a Delaware corporation (“Astra” or the “Company”), the issuer of the shares of Class A common stock, par value $0.0001 per share (the “Class A Shares”), and Class B common stock, par value $0.0001 per share (the “Class B Shares” and, together with the Class A Shares, the “Common Shares”), of Astra that are the subject of the Rule 13e-3 transaction; (b) Apogee Parent Inc., a Delaware corporation (“Parent”); (c) Apogee Merger Sub Inc., a Delaware corporation (“Merger Sub”) (together with Parent and Merger Sub, the “Parent Entities”); (d) Chris C. Kemp (including his immediate family members and any trusts or other entities in which either Mr. Kemp or his immediate family members hold voting, proprietary, equity or other financial interests), the Company’s chief executive officer, chairman and a director; and (d) Adam P. London (including his immediate family members and any trusts or other entities in which either Dr. London or his immediate family members hold voting, proprietary, equity or other financial interests), the Company’s chief technology officer and a director. Collectively, the persons filing this Transaction Statement are referred to as the “filing persons.”
This Transaction Statement relates to the Agreement and Plan of Merger, dated March 7, 2024 (the “Merger Agreement”), by and among Astra, Parent and Merger Sub. The Merger Agreement provides that Merger Sub will merge with and into Astra, with Astra continuing as the surviving corporation (the “Surviving Corporation”) and becoming a subsidiary of Parent (the “Merger”). In connection with the Merger Agreement and pursuant to equity commitment letters with Parent and Merger Sub, dated March 7, 2024 (collectively, the “Equity Commitment Letters”), Chris Kemp, Adam London, ACME Fund II, Astera, Eagle Creek Capital, LLC, JW 16 LLC, and RBH
Ventures Astra SPV, LLC (“RBH”, and collectively, the “Equity Commitment Parties” and each an “Equity Commitment Party”) have severally agreed to provide equity financing to Parent in the amounts specified in their respective Equity Commitment Letters, for a total aggregate value of approximately $28.8 million, on the terms and subject to the conditions contained in the Equity Commitment Letters. The Equity Commitment Parties’ commitments may be satisfied, in each of their sole discretion, by (i) a cash contribution to Parent, (ii) a contribution to Parent of Class A Shares held by such Equity Commitment Party, or (iii) a combination of the foregoing. For purposes of determining the value of an Equity Commitment Party’s contribution pursuant to the foregoing clauses (ii) and (iii), each Class A Share contributed by an Equity Commitment Party will be ascribed a value equal to the Merger Consideration.
In addition, RBH has also agreed in its Equity Commitment Letter to provide interim debt financing to the Company in the amount of $1.5 million, and MH Orbit, LLC (“MH Orbit”) may, pursuant to a debt commitment letter, dated March 7, 2024, provide debt financing to the Company in the amount of $1.0 million, in each case, by no later than April 15, 2024, for the purposes of financing cash shortfalls at the Company during the period between the signing of the Merger Agreement and the consummation of the Merger. Any interim debt financing is expected to be effected by the Company’s issuance of (i) additional Company Convertible Notes and (ii) (if elected by RBH or MH Orbit, as the case may be) additional Company Warrants; provided however that any offer and sale of any Company Convertible Notes and Company Warrants pursuant to the Purchase Agreement after March 7, 2024, requires the consent of holders of a majority in interest then outstanding of the Company Convertible Notes Holders or Company Warrant Holders, as applicable. The amount of any interim debt financing provided to the Company by RBH or MH Orbit will reduce the value of the equity commitments provided for in the Equity Commitment Letters of RBH and JW, respectively. Further, in addition to RBH and MH Orbit, any other Equity Commitment Party may provide interim financing to the Company to finance cash shortfalls at the Company during the period between the signing of the Merger Agreement and the consummation of the Merger. Any such interim financing provided by an Equity Commitment Party will also reduce the value of the equity commitments provided for in such party’s Equity Commitment Letter. On March 15, 2024, RBH purchased additional Company Convertible Notes and Company Warrants. As a result of these purchases, such interim debt financing commitment and equity commitment of RBH under its Equity Commitment Letter was reduced by $991,000.00 and $1,044,658.75, respectively.
In addition to the Equity Commitment Letters, pursuant to a debt commitment letter with Parent, dated March 6, 2024 (the “AST Debt Commitment Letter”), AST & Science, LLC (“AST”) has agreed to purchase from Parent one or more notes in an aggregate principal amount of $2.5 million for a purchase price of 100% of the principal amount thereof, on the terms and subject to the conditions contained in the AST Debt Commitment Letter (including that the Merger shall have closed substantially concurrent with such purchase).
Upon the consummation of the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, each Class A Share issued and outstanding immediately prior to the Effective Time, (ii) any Common Shares canceled pursuant to the Merger Agreement and (iii) each Class A Share and each Class B Share for which the holder thereof is not a Specified Holder (as defined below) and is entitled to and properly demands appraisal pursuant to the DGCL, and does not withdraw or otherwise lose the right to appraisal pursuant to the DGCL (such Common Shares, the “Dissenting Shares”)) will be converted into the right to receive an amount in cash equal to $0.50 per Class A Share, without interest (the “Merger Consideration”). Each Holdings Share that is issued and outstanding immediately prior to the Effective Time and all of the issued and outstanding Class B Shares (other than any Class B Shares canceled pursuant to the Merger Agreement and any applicable Dissenting Shares), as of the Effective Time, will be converted into an equal number of Class A Shares and Class B Shares, respectively, of the Surviving Corporation and remain outstanding. Treatment of outstanding equity plan awards under Astra’s equity incentive plans and award agreements is described in greater detail in the Information Statement (defined below) under “The Merger Agreement—Consideration to be Received in the Merger.” Further, following consummation of the Merger, the Class A Shares will cease to be listed on the Nasdaq Capital Market and registration of the Class A Shares under the Exchange Act will be terminated.
The board of directors of Astra (the “Board”) (acting in reliance upon the unanimous recommendation of a special committee of the Board, comprised solely of independent and disinterested directors (the “Special Committee”)) (i) determined that the Merger Agreement and the transactions contemplated thereby (the “Transactions”) including the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, are advisable, fair to, and in the best interests of Astra and its stockholders, excluding Chris C. Kemp and certain trusts or other entities in which
either Mr. Kemp or Dr. London or their immediate family members hold voting, proprietary, equity or other financial interests (the “Specified Stockholders”) or any of their respective affiliates, (ii) approved the Merger Agreement, the execution and delivery by Astra of the Merger Agreement, the performance by Astra of its obligations contained therein and the consummation of the Transactions, including the Merger, on the terms and subject to the conditions contained in the Merger Agreement and (iii) resolved to recommend adoption and approval of the Merger Agreement and the Transactions, including the Merger, to Astra’s stockholders in accordance with the DGCL.
Concurrently with the filing of this Transaction Statement, Astra is filing a notice of written consent and appraisal rights and information statement (the “Information Statement”) under Section 14(c) of the Exchange Act. A copy of the Information Statement is attached hereto as Exhibit (a)(1), and a copy of the Merger Agreement is attached as Annex A to the Information Statement. In accordance with Section 228 and Section 251 of the DGCL, Astra’s Second Amended and Restated Certificate of Incorporation, dated June 30, 2021, and Astra’s Amended and Restated Bylaws, dated June 30, 2021, the adoption of the Merger Agreement and the approval of the Merger and the other Transactions required the affirmative vote or written consent, by stockholders of Astra holding a majority of the aggregate voting power of the outstanding Common Shares entitled to vote thereon, voting together as a single class (the “Required Stockholder Approval”). On March 7, 2024, the Specified Stockholders, which on such date beneficially owned a majority of the voting power of the issued and outstanding Common Shares, executed and delivered to the Company a written consent adopting the Merger Agreement and approving the Merger, (the “Written Consent”), thereby providing the Required Stockholder Approval for the Merger.
Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Information Statement, including all annexes thereto, is expressly incorporated herein by reference in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Information Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Information Statement of the information required to be included in response to the items of Schedule 13E-3. As of the date hereof, the Information Statement is in preliminary form and is subject to completion.
All information contained in this Transaction Statement concerning any of the filing persons has been provided by such filing person and no filing person has produced any disclosure with respect to any other filing persons.
ITEM 1. SUMMARY TERM SHEET
The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
ITEM 2. SUBJECT COMPANY INFORMATION
(a) Name and Address. The information set forth in the Information Statement under the following caption is
incorporated herein by reference:
“Summary — The Parties to the Merger Agreement”
(b) Securities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“Market Information, Dividends and Certain Transactions in the Class A Shares”
(c) Trading Market and Price. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“Market Information, Dividends and Certain Transactions in the Class A Shares”
(d) Dividends. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“Market Information, Dividends and Certain Transactions in the Class A Shares”
(e) Prior Public Offerings. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“The Special Factors – Background of the Merger”
(f) Prior Stock Purchases. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“Market Information, Dividends and Certain Transactions in the Class A Shares”
ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS
(a)–(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“The Parties to the Merger Agreement”
“Directors, Executive Officers and Controlling Persons of the Company”
“Where You Can Find More Information”
ITEM 4. TERMS OF THE TRANSACTION
(a)(1) Material Terms – Tender Offers. Not applicable.
(a)(2) Material Terms – Merger or Similar Transactions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Required Stockholder Approval for the Merger”
“The Special Factors – Opinion of Houlihan Lokey Capital, Inc. to the Special Committee”
“The Special Factors – Certain Company Financial Projections”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Delisting and Deregistration of Class A Shares”
“The Special Factors – Material United States Federal Income Tax Consequences of the Merger”
“The Merger Agreement”
“Annex A: Agreement and Plan of Merger”
“Annex B: Opinion of Houlihan Lokey Capital, Inc.”
(c) Different Terms. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Merger Agreement – Consideration to be Received in the Merger”
(d) Appraisal Rights. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary – Appraisal Rights”
“Questions and Answers about the Merger”
“The Merger Agreement – Dissenting Shares”
“Appraisal Rights”
“Annex D: Section 262 of the General Corporation Law of Delaware”
(e) Provisions for Unaffiliated Security Holders. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Provisions for Unaffiliated Stockholders”
(f) Eligibility for Listing or Trading. Not applicable.
ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS
(a) Transactions. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“Market Information, Dividends and Certain Transactions in the Class A Shares”
(b)–(c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Required Stockholder Approval for the Merger”
“The Special Factors – Financing”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Delisting and Deregistration of Class A Shares”
“The Special Factors – Fees and Expenses”
“The Merger Agreement – Form of Merger”
“The Merger Agreement – Consummation and Effectiveness of the Merger”
“The Merger Agreement – Consideration to be Received in the Merger”
“The Merger Agreement – Written Consent; Merger Sub Stockholder Consent”
“Market Information, Dividends and Certain Transactions in the Class A Shares”
“Annex A: Agreement and Plan of Merger”
(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Required Stockholder Approval for the Merger”
“The Special Factors – Financing”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Delisting and Deregistration of Class A Shares”
“The Special Factors – Fees and Expenses”
“The Merger Agreement – Form of Merger”
“The Merger Agreement – Consummation and Effectiveness of the Merger”
“The Merger Agreement – Consideration to be Received in the Merger”
“The Merger Agreement – Written Consent; Merger Sub Stockholder Consent”
“The Merger Agreement – Other Covenants and Agreements”
“Market Information, Dividends and Certain Transactions in the Class A Shares”
“Annex A: Agreement and Plan of Merger”
ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS
(b) Use of Securities Acquired. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Delisting and Deregistration of Class A Shares”
“The Special Factors – Plans for the Company After the Merger”
“The Merger Agreement – Form of Merger”
“The Merger Agreement – Consideration to be Received in the Merger”
(c)(1)–(8) Plans. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Other Arrangements”
“The Special Factors – Delisting and Deregistration of Class A Shares”
“The Special Factors – Plans for the Company After the Merger”
“The Special Factors – Fees and Expenses”
“The Merger Agreement”
“Annex A: Agreement and Plan of Merger”
ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS
(a) Purposes. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Plans for the Company After the Merger”
(b) Alternatives. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Opinion of Houlihan Lokey Capital, Inc. to the Special Committee”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Alternatives to the Merger”
(c) Reasons. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Alternatives to the Merger”
(d) Effects. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Financing”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Delisting and Deregistration of Class A Shares”
“The Special Factors – Plans for the Company After the Merger”
“The Special Factors – Fees and Expenses”
“The Special Factors – Material United States Federal Income Tax Consequences of the Merger”
“The Merger Agreement – Form of Merger”
“The Merger Agreement – Consummation and Effectiveness of the Merger”
“The Merger Agreement – Consideration to be Received in the Merger”
“The Merger Agreement – Dissenting Shares”
“The Merger Agreement – Charter; Bylaws”
“The Merger Agreement – Indemnification and Insurance”
“Appraisal Rights”
“Annex A: Agreement and Plan of Merger”
“Annex D: Section 262 of the Delaware General Corporation Law”
ITEM 8. FAIRNESS OF THE TRANSACTION
(a)–(b) Fairness; Factors Considered in Determining Fairness. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Opinion of Houlihan Lokey Capital, Inc. to the Special Committee”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Company in Connection with the Merger”
“The Special Factors – Purposes and Reasons of the Parent Entities in Connection with the Merger”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“Annex B: Opinion of Houlihan Lokey Capital, Inc.”
The confidential discussion materials prepared by Houlihan Lokey Capital, Inc. and provided to the Special Committee, dated February 25, 2024, March 4, 2024 and March 5, 2024, are attached hereto as Exhibits (c)(2) through and including (c)(4).
(c) Approval of Security Holders. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Required Stockholder Approval for the Merger”
“The Merger Agreement – Written Consent; Merger Sub Stockholder Consent”
“Annex A: Agreement and Plan of Merger”
(d) Unaffiliated Representative. Not applicable.
(e) Approval of Directors. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
(f) Other Offers. The information set forth in the Information Statement under the following captions is incorporated by reference:
“Summary”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Merger Agreement – No Solicitation; Superior Proposal and Adverse Recommendation Change”
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS
(a)–(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Opinion of Houlihan Lokey Capital, Inc. to the Special Committee”
“The Special Factors – Certain Company Financial Projections”
“The Special Factors – Position of the Company on the Fairness of the Merger”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“Annex B: Opinion of Houlihan Lokey Capital, Inc.”
The confidential discussion materials prepared by Houlihan Lokey Capital, Inc. and provided to the Special Committee, dated February 25, 2024, March 4, 2024 and March 5, 2024, are attached hereto as Exhibits (c)(2) through and including (c)(4).
The reports, opinions or appraisals referenced in this Item 9 are filed herewith or incorporated by reference herein and will be made available for inspection and copying at the principal executive offices of Astra during its regular business hours by any interested holder of Common Stock or representative who has been designated in writing, and copies may be obtained by requesting them in writing from Astra at the email address provided under the caption “Where You Can Find More Information” in the Information Statement, which is incorporated herein by reference.
ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION
(a)–(b) Source of Funds; Conditions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Financing”
“The Special Factors – Position of the Parent Entities in Connection with the Merger”
“The Merger Agreement – Consummation and Effectiveness of the Merger”
“The Merger Agreement – Financing of the Merger”
“Annex A –Agreement and Plan of Merger”
(c) Expenses. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“The Special Factors – Fees and Expenses”
(d) Borrowed Funds. Not applicable.
ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY
(a) Securities Ownership. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“Directors, Executive Officers and Controlling Persons of the Company”
“Security Ownership of Certain Beneficial Owners and Management”
(b) Securities Transactions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“The Special Factors – Background of the Merger”
“The Special Factors – Financing”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Merger Agreement”
“Market Information, Dividends and Certain Transactions in the Class A Shares”
“Annex A: Agreement and Plan of Merger”
ITEM 12. THE SOLICITATION OR RECOMMENDATION
(d) Intent to Tender or Vote in a Going-Private Transaction. Not applicable.
(e) Recommendations of Others. Not applicable.
ITEM 13. FINANCIAL STATEMENTS
(a) Financial Statements. The audited financial statements set forth in Astra’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, originally filed on March 30, 2023, as amended on Form 10-K/A filed on March 31, 2023, are incorporated by reference herein (see pages 48 to 54 therein). The unaudited financial statements set forth in Astra’s Quarterly Report on Form 10-Q for the three- and nine-month periods ended September 30, 2023, originally filed on November 16, 2023, are incorporated by reference herein (see pages 1-6 therein). The information is set forth in the Information Statement under the following caption is incorporated herein by reference:
“Market Information, Dividends and Certain Transactions in the Class A Shares”
“Where You Can Find More Information”
(b) Pro Forma Information. Not applicable.
ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED
(a) Solicitations or Recommendations. Not applicable.
(b) Employees and Corporate Assets. The information set forth in the Information Statement under the following captions is incorporated herein by reference:
“Summary”
“Questions and Answers about the Merger”
“The Special Factors – Background of the Merger”
“The Special Factors – Recommendation of the Special Committee; Reasons for the Merger”
“The Special Factors – Recommendation of the Board; Reasons for the Merger”
“The Special Factors – Opinion of Houlihan Lokey Capital, Inc. to the Special Committee”
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Special Committee Compensation”
“The Special Factors – Other Interests”
“The Special Factors – Fees and Expenses”
ITEM 15. ADDITIONAL INFORMATION
(b) Golden Parachute Compensation. The information set forth in the Information Statement under the following caption is incorporated herein by reference:
“The Special Factors – Interests of Our Directors and Executive Officers in the Merger”
“The Special Factors – Severance Entitlements”
(c) Other Material Information. The information set forth in the Information Statement, including all annexes thereto, is incorporated herein by reference.
ITEM 16. EXHIBITS
| * | To be filed herewith |
SIGNATURES
After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated as of April 8, 2024.
| ASTRA SPACE, INC. |
By: /s/ Axel Martinez |
| Name: Axel Martinez |
| Title: Chief Financial Officer |
| Apogee Parent Inc. |
By: /s/ Chris C. Kemp |
| Name: Chris C. Kemp |
| Title: Chief Executive Officer |
| Apogee Merger Sub Inc. |
By: /s/ Chris C. Kemp |
| Name: Chris C. Kemp |
| Title: Chief Executive Officer |
| Chris C. Kemp |
By: /s/ Chris C. Kemp |
| Name: Chris C. Kemp |
| Adam P. London |
By: /s/ Adam P. London |
| Name: Adam P. London |
