Atai Capital Management announced in its first-quarter 2026 investor letter that AstroNova was acquired last week for $29 per share. The firm had owned AstroNova since its inception three and a half years ago, but the investment became complicated after AstroNova's unprofitable acquisition of MTEX in mid-2024 led to a proxy fight and the removal of the CEO. Atai trimmed its position over time as the company was left with debt, but added earlier this year after new management improved operations and the aerospace business gained momentum. The firm had originally expected a takeout price in the $18 to $24 range and trimmed slightly before the deal, but the final $29 per share price exceeded expectations. AstroNova closed at $28.47 on June 26, 2026, with a one-month return of 82.85% and a 52-week gain of 145.64%, and a market capitalization of $221.25 million.
AstroNova IncAcquisition at $29 per share, exceeding expectations, with stock closing at $28.47.