- Vote to approve merger of Holicity, Inc. (NASDAQ: HOL) and Astra Space, Inc. ends today
- Deal has strong investor support but could be delayed if too few shareholders cast votes
- Investors need to vote electronically or call their brokers to vote
- Any shareholder can also call Morrow Sodali LLC at (877) 787-9239 for help voting
- Can also visit holicity.inc for more voting information
- Voting is free but many investors are unaccustomed to the mechanics
- Anyone who owned shares on the record date, May 24, can vote
Astra Space, Inc. has captivated investors with its nimble rockets designed for frequent, cost-efficient launches. The trouble is, the deal still needs to win support of shareholders today to get final clearance – or risk frustrating delays.
Astra plans to go public via a merger with Holicity, Inc., a SPAC that raise cash to find a target. There are several indications that shareholders and other stakeholders support the deal. First, the stock is trading near $12 a share – well above the cash in trust of roughly $10 the SPAC holds. It’s also backed by a $200 million PIPE – a private investment at $10 a share.
Even so, a large percentage of outstanding Holicity shares (which will convert automatically to Astra shares once the deal closes) are held by individual investors who may not be accustomed to voting for mergers or other matters that require shareholder approval. In the event the deal does not see enough shares voted, it could face significant delays.
The solution is for individual investors who have not voted to do so by contacting their brokers – be it Robinhood, Charles Schwab, Fidelity or any other – and vote their shares. In many cases, that can be done online and in others may require a phone call. In any event, it is free.
Shareholders of record as of May 24 should have received notice from brokers to cast a vote. But investors generally need to take an extra step actually get their votes on record.
More details on how to vote can be found at holicity.inc, and investors can also reach out to the company’s proxy solicitor, Morrow Sodali LLC, at (877) 787-9239.
IPO Edge recently hosted a live fireside chat with Astra Founder, Chairman, & CEO Chris Kemp alongside Astra CFO Kelyn Brannon, which can be viewed here.
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