12 June 2014
Astrotech Corp. (NASDAQ: ASTC) said it has completed an internal reorganization and will now own 100 percent of its subsidiary companies 1st Detect Corp. and Astrogenetix Inc., in which it had previously issued equity grants to employees.
“This transaction was the right thing to do for our shareholders,” said Thomas B. Pickens III, chairman and CEO of Astrotech. “The subsidiary equity grants were meant to incentivize our employees, however we found that it caused confusion and uncertainty among our shareholders, so we have now simplified our corporate structure.”
This transaction will restore the ownership by Astrotech shareholders of 100 percent of the subsidiary companies. Previously, Astrotech Corp. owned 86.4 percent and 83.6 percent of 1st Detect and Astrogenetix, respectively.
Astrotech is one of the first space commerce companies and remains a strong entrepreneurial force in the aerospace industry.