ASTROTECH CORP (ASTC) : 9.8 + 1.55
52w: 7 – 15.11
Shares Outstanding 1.7M
Float 1.21M
Total Cash Per Share (mrq) 22.03
Total Debt (mrq) 540k
Book Value Per Share (mrq) 25.82
Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) announced that its Board of Directors (the “Board”) has unanimously rejected the unsolicited acquisition proposal from BML Investment Partners, L.P. (“BML”), to acquire all of the outstanding shares of common stock of the Company for $17.25 per share in cash (the “Proposal”). After a thorough review, in consultation with management and its legal advisors, the Board unanimously determined to reject the Proposal because it is not in the best interest of the Company’s stockholders for the reasons set forth below.
“We are confident that the completion of our key strategic projects has the potential to deliver greater value to our stockholders than the current non-binding proposal. Our board has reviewed the BML proposal and believes that it is grossly undervalued,” stated Thomas B. Pickens III, CEO and CTO of Astrotech.
The Proposal is Opportunistic and Significantly Undervalues the Company
• Astrotech’s consolidated balance sheet remains strong with $37 million in cash and liquid investments, which are anticipated to support our research and development, organic growth, and potential acquisition targets.
• Year-to-date fiscal year 2024 gross margin increased to 46% from 38% during the comparative period in the prior year, as we continue to benefit from the further refining and ruggedizing of our equipment.
Astrotech Corporation (NASDAQ: ASTC) ("Astrotech" or the "Company") and its wholly owned subsidiary, 1st Detect Corporation (1st Detect), announce that 1st Detect’s TRACER 1000TM is now listed in the U.S. General Services Administration (GSA) IT Schedule 70 under Contract No. GS-35F-250GA with SRI Group LLC, Special Item Number 334290. IT Schedule 70 is a long-term contract issued by the GSA to commercial technology vendors that allows sales to the U. S. federal government, one of the largest buyers of goods and services in the world. GSA’s thorough evaluation determined that 1st Detect’s pricing is fair and reasonable, that 1st Detect had the requisite capabilities, organizational structure, customer satisfaction and performance history, and that the offered products and services are compliant with applicable laws and regulations.
1st Detect’s TRACER 1000 is a high-performance laboratory instrument of ruggedized mass spectrometry as applied to Explosives Trace Detection (ETD) and Narcotics Trace Detection (NTD). The TRACER 1000 maintains the accuracy of much larger mass spectrometers even though it is only the size of a desktop printer. While mass spectrometry has historically been too costly, bulky, and cumbersome to be used outside of the laboratory, the simple-to-use interface and auto-calibration process of the TRACER 1000 make it easy to use for rank-and-file checkpoint or other security personnel, at a fraction of the cost of traditional mass spectrometers.
The Astrotech Mass Spectrometer Technology™ drives the breakthrough TRACER 1000, as the first certified ETD to employ mass spectrometry. We believe the TRACER 1000 is inexpensive, small, and easy to use, with high resolution and near-zero false alarms. The TRACER 1000 is the only mass spectrometry-based ETD to have received European Civil Aviation Conference certification for both checkpoint and cargo security.
1st Detect has engaged with SRI Group LLC, a distinguished GSA provider led by retired Deputy Administrator of the Transportation Security Administration (TSA) John Halinski. He brings extensive knowledge and expertise in international aviation security, intelligence and counterterrorism. He is a member of the Board of Editors for the Government Technology Services Coalition’s magazine and media platform, Homeland Security Today, and is passionate about improving security and implementing the best practices and training procedures to achieve this. SRI Group LLC is a service disabled veteran owned small business, SDVOSB.
About Astrotech
Astrotech is an innovative science and technology company that invents, acquires, and commercializes technological innovations while building scalable companies to maximize shareholder value. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. Astrotech is headquartered in Austin, Texas. For more information, please visit www.astrotechcorp.com.
owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Pro-Control is developing the mass spectrometry technology for use in chemical manufacturing processes. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
About the AgLAB-1000™, the BreathTest-1000™ and the Pro-Control-1000™
This press release contains information about our new products under development, AgLAB-1000, BreathTest-1000 and Pro-Control-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.
