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Investing.com -- Redwire Corporation (NYSE:RDW) stock fell 12% Wednesday following reports that Bain Capital is offering to sell more than half of its stake in the space company through an unregistered block trade.
According to people familiar with the matter, Bain Capital is offering 11 million Redwire shares at a price range of $7.99 to $9.00 per share, Bloomberg reported. This represents a potential discount of up to 11.2% from Tuesday’s closing price of $9.00.
The offering comes with a 30-day lockup period that would restrict Bain Capital from making additional sales during that timeframe. Goldman Sachs Group Inc. (NYSE:GS) is reportedly managing the offering.
Bain Capital’s decision to reduce its position in the space technology company has triggered the significant drop in Redwire’s share price as investors react to the potential increase in share supply and the discount being offered in the block trade.
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