Astrotech Corp Stock Price, News & Analysis

Astrotech Corporation (Nasdaq: ASTC) announced the adoption of a limited-duration stockholder rights plan effective immediately, aimed at protecting the interests of all stockholders. This plan responds to significant accumulations of common stock, ensuring fair treatment and reducing the risk of hostile takeovers. The plan is set to last for 364 days, expiring on December 20, 2023, and is triggered if a person or group acquires 15% or more of the shares. The rights will be distributed to stockholders of record by January 5, 2023.

Astrotech Corporation (Nasdaq: ASTC) announced on December 21, 2022, that it has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share. This achievement enables the company to maintain its listing on the Nasdaq Capital Market, as confirmed by Nasdaq. Astrotech focuses on mass spectrometry technology through its subsidiaries, including 1st Detect for security detection, AgLAB for agricultural chemical analysis, and BreathTech for early lung disease detection.

Astrotech Corporation (Nasdaq: ASTC) announced a 1-for-30 reverse stock split effective December 5, 2022, to comply with Nasdaq's $1.00 minimum bid price requirement. This split will reduce the number of shares and increase the per-share price, allowing ASTC to maintain its listing. Stockholders approved the reverse split at the annual meeting on November 15, 2022, and no fractional shares will be issued; instead, cash payments will be provided for fractions. Astrotech specializes in mass spectrometry and operates subsidiaries focused on security and agriculture.

Astrotech Corporation announced a breakthrough with its BreathTest-1000 device, capable of distinguishing between infected and healthy breath samples, indicating potential for early lung disease detection. The technology targets COVID-19 and other respiratory diseases, aiming for on-site results in various settings like hospitals and schools. Collaborations with Cleveland Clinic and Mountain View Clinical Research are in place to enhance the data collection process. While progress is noted, risks persist, particularly regarding regulatory approvals and market acceptance.

Astrotech Corporation (Nasdaq: ASTC) subsidiary, AgLAB, Inc., has launched the AgLAB-1000-D2™ and Maximum Value Processing™ (D2-MVP) control system, aimed at enhancing cannabis and hemp processing.

The D2-MVP system can improve yields, potencies, and revenues by up to 45% compared to traditional methods, with results produced in under a minute. The product is tailored for chemical distillation and is currently adapted for hemp CBD and cannabis THC oils. However, development risks are acknowledged, including regulatory approvals and market acceptance.

Astrotech Corporation (NASDAQ: ASTC) reported its financial results for Q1 of fiscal 2023, ending September 30, 2022, with revenues totaling $38,000, attributed to maintenance services and consumables for TRACER 1000. The company has $48.9 million in cash and liquid investments to support R&D and growth. Significant developments include the production run of the AgLAB-1000-D2, showing promise in increasing processing yields for hemp and cannabis distillers, and progress in BreathTest-1000’s development. A $1 million share repurchase program was also authorized.

Astrotech Corporation (NASDAQ: ASTC) reported strong financial performance for the fiscal year ending June 30, 2022, with a notable revenue increase of 160%, reaching $869K, driven by sales of the TRACER 1000 explosive trace detector. The company maintains a robust balance sheet with $52.6 million in cash and liquid investments. Gross margins improved to 22%, doubling from the previous year. Key advancements include securing a significant purchase order for TRACER 1000 systems and leadership appointments in its subsidiaries to drive innovation in various product developments.

Astrotech Corporation (NASDAQ: ASTC) has announced its fiscal year 2022 annual meeting of stockholders, scheduled for November 15, 2022, at 9:00 a.m. Central Time, in Austin, Texas. Proxy materials will be sent to stockholders in September 2022. Due to a change in the meeting date, stockholders must submit proposals by September 3, 2022, for nominations or business proposals outside of Rule 14a-8, and by September 12, 2022, for proposals under Rule 14a-8. Detailed information will be provided in the forthcoming proxy statement.

Astrotech Corporation (NASDAQ: ASTC) has appointed Jim Becker to its Board of Directors. Mr. Becker brings extensive leadership experience in strategic market growth, business process improvements, and corporate management. He will serve on the compensation, corporate governance, and audit committees. Becker, founder and CEO of Becker Logistics, has a history of revenue growth and leadership roles in various organizations. His background in logistics and M&A is expected to aid Astrotech in scaling its mass spectrometer technology across multiple markets.