BUZZ-Rocket Lab dips after announcing Mynaric acquisiton, planned equity raise

Reuters03-12
BUZZ-Rocket Lab dips after announcing Mynaric acquisiton, planned equity raise

** Shares of rocket maker Rocket Lab RKLB.O fall 2.8% to $17.34 in extended trade

** RKLB will acquire a controlling stake in laser communications provider Mynaric M0YNn.DE for an initial purchase price of about $75 million

** Deal value could be bumped up to an additional $75 million if certain revenue targets are met

** Additionally, RKLB announced up to $500 million at-the-market $(ATM.UK)$ equity offering program to be handled by BofA Securities, Cantor, Stifel and TD Securities

** Per offering prospectus, RKLB has ~453.5 million shares outstanding as of February 21, giving it a market cap of $8.09 billion

** Co plans to use the proceeds to fund future growth, including its Mynaric acquisition

** RKLB stock down 30% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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