In re Astra Space Inc. f/k/a Holicity Inc. Securities Litigation

IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA

IN RE ASTRA SPACE, INC. f/k/a Case No. 22-cv-08875-CRB

HOLICITY INC. SECURITIES

LITIGATION

ORDER GRANTING MOTION TO

DISMISS

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13 In 2021, SPACs took off. SPACs, or Special Purpose Acquisition Companies, are a type of “blank-check” corporations with the intention of raising funds through an IPO to acquire or merge with a private company. SPACs provide an alternative way for private companies to go public and bypass the traditional IPO process. After the merger, the target company replaces the SPAC and becomes a publicly-traded company. SPACs allow for a faster timeline to market and lower regulatory requirements. One of the many companies that went public through a SPAC in 2021 was Astra Space, which merged with Holicity. Astra is a satellite launch services company. In SEC filings and public interviews, Astra and its CEO stated that their goal is to launch 300 rockets in 2025 and to build a rocket that could carry a cargo weighing up to 500kg by 2023. 26…