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JACKSONVILLE, Fla. - Aerospace and defense technology company Redwire Corporation (NYSE: RDW), with a market capitalization of $1.47 billion, announced Monday it has commenced an underwritten registered public offering of $200 million of its common stock. According to InvestingPro data, the company’s stock has delivered an impressive 217% return over the past year, significantly outperforming the broader market.
The company plans to grant underwriters a 30-day option to purchase additional shares equal to 15% of the common stock sold in the offering.
According to the company statement, proceeds will be used for general corporate purposes, repurchasing a portion of Redwire’s convertible preferred stock, and repaying a seller note issued in connection with its acquisition of Edge Autonomy Intermediate Holdings, LLC.
J.P. Morgan, BofA Securities and Morgan Stanley are serving as lead bookrunning managers for the offering, with Texas Capital Securities, Truist Securities, and Roth Capital Partners acting as joint book-running managers.
The offering is being conducted pursuant to Redwire’s shelf registration statement that became effective on September 14, 2023, and is subject to market conditions. The company noted there is no assurance regarding the completion, timing, or final terms of the offering.
Redwire, which employs approximately 1,300 people throughout the United States and Europe, focuses on aerospace infrastructure, autonomous systems and multi-domain operations. The company trades on the New York Stock Exchange under the ticker symbol RDW.
This article is based on a press release statement from Redwire Corporation.
In other recent news, Redwire Corporation has completed its acquisition of Edge Autonomy, a significant provider of uncrewed airborne system technology. This acquisition, valued at $925 million, includes a mix of cash and stock, supported by a $90 million credit agreement with JPMorgan Chase Bank and other lenders. Redwire’s shareholders approved the transaction, which is expected to enhance the company’s revenue, Adjusted EBITDA, and Free Cash Flow. The combined entity forecasts 2025 revenues between $535 million and $605 million. Additionally, Redwire has been selected by NASA to manage a space microalgae experiment on the International Space Station, which aims to explore sustainable food sources for astronauts. The company has also received NASA approval for its Mason technology, intended to aid in building infrastructure on the Moon and Mars. This technology has passed a Critical Design Review and is part of a $12.9 million award for prototyping. These developments position Redwire as a more prominent player in both the aerospace and defense sectors.
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