Press release

Astrotech’s CEO Makes Investment in the Company

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Astrotech Corporation (“Astrotech” or the “Company”) (NASDAQ: ASTC)
today announced that it has entered into and closed a private placement
of the sale of its equity securities for aggregate gross proceeds to the
Company of approximately $2 million, before deducting offering-related
expenses. The Company plans to use the proceeds from the financing
primarily for working capital and general corporate purposes.

The Company’s Chairman of the Board and Chief Executive Officer, Thomas
B. Pickens III, has purchased, for an aggregate purchase price of
approximately $1 million, 280,898 shares of the Company’s series D
convertible preferred stock (the “Series D Preferred Stock”), at a price
of $3.56 per share, the consolidated closing bid price of the Company’s
common stock on the NASDAQ Capital Market on April 16, 2019. The Series
D Preferred Stock is convertible, at the option of the holder, into an
aggregate of 280,898 shares of the Company’s common stock. In addition,
a current significant Astrotech shareholder has purchased, for an
aggregate purchase price of approximately $1 million, 280,898 shares of
the Company’s series C convertible preferred stock (the “Series C
Preferred Stock”), at a price of $3.56 per share, the consolidated
closing bid price of the Company’s common stock on the NASDAQ Capital
Market on April 16, 2019. The Series C Preferred Stock is convertible,
at the option of the holder, into an aggregate of 280,898 shares of the
Company’s common stock. The holder of the Series C Preferred Stock has
agreed to restrict its ability to exercise the Series C Preferred Stock
such that the number of shares of the Company common stock held by such
holder and its affiliates after such conversion does not exceed 9.99% of
the Company’s then issued and outstanding shares of common stock.

The securities offered in the private placement have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements of the Securities Act and applicable state laws.

This press release is neither an offer to sell nor a solicitation of an
offer to purchase the securities described herein.

About Astrotech Corporation

Headquartered in Austin, Texas, Astrotech (NASDAQ: ASTC) is a science
and technology development and commercialization company that launches,
manages, and builds scalable companies based on innovative technology in
order to maximize shareholder value.

This press release contains forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks, trends, and uncertainties that could cause actual
results to be materially different from the forward-looking statement.
These factors include, but are not limited to, whether we can
successfully develop our proprietary technologies and whether the market
will accept our products and services, as well as other risk factors and
business considerations described in the Company’s Securities and
Exchange Commission filings including the annual report on Form 10-K.
Any forward-looking statements in this document should be evaluated in
light of these important risk factors. The Company assumes no obligation
to update these forward-looking statements.