Benzinga | Aug 30, 2021 10:40AM EDT

Why Astra's Stock Is Falling Today

Astra Space Inc (NASDAQ:ASTR) is trading lower Monday after the company announced its LV0006 launch vehicle failed to properly launch.

During the launch Saturday, one of the five main engines shut down less than one second after liftoff.

After approximately two and a half minutes of flight time, an all engine-shutdown command was issued, which ended the flight.

Astra said it opened a mishap investigation and is working closely with the Federal Aviation Administration.

"We regret that we were unable to accomplish all mission objectives for the U.S. Space Force; however, we captured a tremendous amount of data from this test flight," said Chris Kemp, founder, chairman and CEO of Astra.

Astra is a technology company that provides space services based on its proprietary, vertically integrated technology platform.

ASTR Price Action: Astra has traded as high as $16.95 and as low as $8.12 since it became public at the end of June.

At last check Monday, the stock was down 18.50% at $9.51.