Rocket Lab shares fall after new ATM equity program
Space company Rocket Lab's RKLB.O shares fall 2.9% to $78.79 premarket.
Co enters replacement at-the-market (ATM) equity program with Deutsche Bank and Wells Fargo.
New agreement allows sale of up to $1.94 bln of common stock, equal to the remaining unsold amount under its prior ATM program; no increase in aggregate offering size.
Co says net proceeds, if any, will be used to fund part of its proposed Iridium Communications acquisition and reduce debt commitments tied to the deal.
Offering is not contingent on completion of the Iridium acquisition; excess proceeds, if any, to be used for growth initiatives, potential acquisitions and working capital.
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