March 7 (Reuters) - Small rocket maker Astra Space ( ASTR )

said on Thursday it has agreed to be taken private by

the company's CEO, Chris Kemp, and CTO, Adam London, for 50

cents per share in cash for a valuation of about $11.25 million.

Astra, at the close of the transaction which is expected in

the second quarter of 2024, is likely to be owned by a number of

long-term investors of the company, including the co-founders.

Shares of the company were down 33% at 57 cents.

Only two of Astra's five launches since going public have

been successful - one of which was for the U.S. Space Force and

the other for a rideshare mission for on-orbit servicing company

Spaceflight, where all payloads were deployed successfully.

The co-founders had previously attempted to acquire the

company for $27.8 million, or $1.50 per share, in November.

The updated offer price of 50 cents per share represents a

more than 32% discount on the stock's closing price on Nov. 8, a

day before the co-founders' original bid was disclosed.

The company, in October, was reportedly considering selling

a 51% stake in its in-space propulsion business, among other

strategic sale options.