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Redwire Corporation (NYSE:RDW), a space technology company with a market capitalization of $2.18 billion and impressive 125% stock return over the past year, reported the planned resignations of three board members in connection with its recent acquisition of Edge Autonomy Intermediate Holdings, LLC and its subsidiaries. According to a press release statement filed with the Securities and Exchange Commission, Michael J. Bevacqua notified the board of his resignation on June 26, while David Kornblatt and Les Daniels each submitted their resignations on Tuesday.
The company stated that these resignations are effective upon the appointment of replacement directors. The departures were described as facilitating the election of new directors nominated by third parties who have the right to nominate board members as part of the acquisition process. According to InvestingPro data, analysts maintain a bullish outlook on Redwire, with the stock currently trading near $15.60.
Redwire confirmed that the resignations did not result from any disagreement with the company regarding its operations, policies, or practices. The board expressed appreciation for the service of Mr. Bevacqua, Mr. Kornblatt, and Mr. Daniels.
Redwire, based in Jacksonville, Florida, is listed on the New York Stock Exchange under the ticker RDW. This information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, Redwire Corporation has completed the first deployment test of its Roll-Out Solar Arrays (ROSA) for NASA’s lunar Gateway’s Power and Propulsion Element. These solar arrays are set to generate 60kW of power, marking them as the most powerful ROSAs constructed to date. In a significant acquisition, Redwire has purchased Edge Autonomy for over $1.14 billion, enhancing its capabilities in autonomous systems and resilient energy solutions. Additionally, Redwire announced an upsized public offering of 15,525,000 shares priced at $16.75 per share, expected to raise approximately $260 million in gross proceeds. The proceeds will fund general corporate purposes, including growth initiatives and repurchasing convertible preferred stock. Truist Securities initiated coverage on Redwire with a hold rating, setting a price target of $16.00. This reflects their evaluation of Redwire’s market position and growth potential in the space sector. The company’s recent developments underscore its strategic positioning in the aerospace and defense industry.
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