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Astra Space (NASDAQ:ASTR) -4% post-market Friday after saying it expects to delay test launches and paid commercial launches of its next-generation rocket after reducing its workforce by 25% since the beginning of the quarter, including cutting ~70 employees on August 4.
The company said it expects the workforce cuts will result in more than $4M in quarterly cost savings starting in Q4.
Astra Space (ASTR) also said it reallocated 50 engineering and manufacturing personnel from its launch services program to its unit that aims to build spacecraft engines.
The moves mark the latest setback for Astra (ASTR), which has suffered a string of delays and launch failures.
Separately, Astra (ASTR) said it agreed to sell $12.5M in senior secured notes and warrants for up to 22.5M common shares.
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