Welcome to our dedicated page for Astrotech Corporation (DE) news (Ticker: ASTC), a resource for investors and traders seeking the latest updates and insights on Astrotech Corporation (DE) stock.
Astrotech Corporation (DE) Common Stock (symbol: ASTC) is a pioneering science and technology development company. The firm is renowned for its commitment to inventing, acquiring, and commercializing cutting-edge technological innovations sourced from internal research, universities, laboratories, and research institutions. Astrotech's diverse operations span several key sectors, including airport security, military applications, breath analysis, and agriculture.
One of Astrotech's flagship ventures is 1st Detect, which specializes in the development, manufacturing, and sale of advanced chemical analyzers. These tools are instrumental in enhancing security measures at airports and military installations, as well as in medical diagnostics through breath analysis. The company's TRACER 1000™, a mass spectrometry-based trace analyzer, has recently expanded its detection library to include narcotics such as fentanyl, heroin, and cocaine, highlighting its significant role in combating drug trafficking and ensuring public safety.
Another innovative branch of the company is AgLAB, which focuses on developing mass spectrometers for the agriculture market. The AgLAB's Maximum Value Process™ has demonstrated a remarkable 32% average increase in revenue, underscoring its efficacy in optimizing agricultural outputs and enhancing profitability for farmers and agribusinesses.
Astrotech continues to innovate with its latest venture, Pro-Control, Inc., a wholly owned subsidiary formed to leverage the ATi Mass Spectrometer Technology for chemical manufacturing process control applications. The introduction of the Pro-Control Maximum Value Process™ (Pro-Control MVP™) and the Pro-Control-1000™ mass spectrometer reflects Astrotech's commitment to delivering value through improved yield, potency, purity, and weight measurements in chemical manufacturing processes.
With a history of over 110 years, Astrotech has built a solid reputation based on its ability to provide reliable equipment and solutions that drive business efficiencies. The company is known for its global service and superior parts availability, ensuring long-term operational success for its clients. By visiting Telsmith, customers can learn more about how Astrotech's innovative products and services can enhance the performance of their operations.
Astrotech's commitment to innovation and excellence is further evidenced by its recent listing as an approved United States Government Vendor on the General Services Administration (GSA) schedule, opening new avenues for government contracts and partnerships.
For the latest updates and detailed information about Astrotech's performance, ongoing projects, and recent achievements, investors and stakeholders are encouraged to stay informed through the latest news releases and company announcements.
Astrotech Corporation (NASDAQ: ASTC) has appointed Joe Levinthal as Chief Science Officer of its AgLAB Inc. subsidiary. Levinthal, a veteran in the hemp and cannabis industry, will lead the product development team. His expertise lies in mass spectrometry and scientific instrumentation applied to hemp and cannabis products. The company is focused on enhancing its AgLAB-1000-D2 technology, which optimizes distillation processes, promising higher yields and improved real-time information for processors. This strategic hire is expected to strengthen AgLAB’s innovative capacities and product offerings.
Astrotech Corporation (NASDAQ: ASTC) has reported its third-quarter fiscal year 2021 financial results, highlighting a $50.1 million raise to enhance growth. The funds will support expected sales increases for products like the TRACER 1000™ and AgLAB-1000-D2™. Additionally, Astrotech has partnered with Sanmina Corporation for manufacturing and initiated a study with Cleveland Clinic for its BreathTest-1000™. Operating expenses have decreased by 22.3% year-over-year, while projected monthly cash outlay is around $500,000.
Astrotech Corporation (NASDAQ: ASTC) has successfully completed its public offering of 24,885,828 shares of common stock at $1.50 per share, yielding gross proceeds of approximately $37.3 million. This offering included 3,245,977 shares sold through the underwriter's option. Proceeds will be allocated for general corporate purposes, working capital, and capital expenditures. The offering was conducted under a 'shelf' registration statement effective since March 15, 2021, with H.C. Wainwright & Co. as the sole book-running manager.
Astrotech Corporation (NASDAQ: ASTC) announced an increase in its public offering to 21,639,851 shares at $1.50 each, expecting gross proceeds of about $32.5 million. The offering, managed by H.C. Wainwright & Co., is set to close around April 12, 2021, pending customary conditions. An additional 3,245,977 shares may be purchased by the underwriter within 30 days. The net proceeds will be utilized for general corporate purposes, including working capital and capital expenditures.
Astrotech Corporation (NASDAQ: ASTC) has entered an underwriting agreement with H.C. Wainwright & Co. for the firm purchase of 6,666,667 shares of common stock at $1.50 per share, aiming for approximately $10 million in gross proceeds. The offering is set to close around April 12, 2021, pending customary conditions. An additional 1,000,000 shares may be sold under a 30-day option. The funds will be used for general corporate purposes and capital expenditures. The offering is part of a shelf registration statement effective March 15, 2021.
Astrotech Corporation's subsidiary, BreathTech, has signed an Investigator-Initiated Study Agreement with Cleveland Clinic to use its BreathTest-1000™ for analyzing COVID-19 diagnosis via exhaled breath. The pilot study will compare breath samples between positive and negative COVID-19 PCR test subjects to evaluate volatile organic compounds (VOCs). Successful results may lead to FDA emergency use authorization for commercial use. The study is significant as it aims for early illness detection, with Cleveland Clinic's past research supporting VOC metabolite technology.
Astrotech Corporation (NASDAQ: ASTC) has announced a manufacturing agreement with Sanmina Corporation for its mass spectrometry products. After a thorough evaluation of contract manufacturing organizations, Astrotech's CEO expressed confidence in Sanmina's capabilities to support the company's growth plans. The agreement includes the production of 1st Detect's TRACER 1000™ and future manufacturing of AgLAB's AgLAB-1000™ and BreathTech's BreathTest-1000™ products.
Astrotech Corporation (NASDAQ: ASTC) reported financial results for Q2 FY2021, ending December 31, 2020, raising $37 million in gross proceeds to enhance growth. The company focuses on expanding its TRACER 1000 explosives trace detector sales, launching the AgLAB-1000-D2 in the hemp industry, and developing the BreathTest-1000 with The Cleveland Clinic Foundation. Notable achievements include exceeding $1 million in purchase orders for the TRACER 1000 and recognition with a Gold Award for CBRNE Detection. SG&A and R&D expenses were reduced significantly, contributing to improved financial flexibility.
Astrotech Corporation (NASDAQ: ASTC) has successfully completed a registered direct offering of 2,845,535 shares of common stock at a price of $3.25 per share, yielding approximately $9.25 million in gross proceeds. The funds will be utilized for ongoing operating expenses and working capital. The offering was facilitated by H.C. Wainwright & Co., under a previously established shelf registration statement with the SEC.
Astrotech Corporation (NASDAQ: ASTC) has announced a registered direct offering to institutional investors, selling 2,845,535 shares at $3.25 each, expecting gross proceeds of approximately $9.25 million, set to close around February 16, 2021. The funds will be allocated for operating expenses and working capital. H.C. Wainwright & Co. is the exclusive placement agent.
The offering is conducted under a previously filed shelf registration statement, and details will be included in a prospectus available through the SEC.
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