Rocket Lab Corp (NASDAQ:RKLB) shares are moving lower in extended trading on Wednesday after the company filed to offer and sell up to $3 billion of common stock.
- Rocket Lab shares are sliding. Why are RKLB shares down?
Rocket Lab To Raise Up To $3 Billion
Rocket Lab filed a prospectus supplement late Wednesday, announcing an equity distribution agreement, under which the company may offer and sell from time to time up to $3 billion of its common stock.
The company said it currently intends to use any proceeds to fund future growth, including potential future acquisitions, as well as for general corporate and working capital purposes.
Rocket Lab had more than $2 billion in total liquidity as of March 31, including approximately $1.21 billion in cash and cash equivalents.
Rocket Lab Shares Slide After The Close
RKLB Price Action: Rocket Lab shares have been on a tear in recent weeks. The news comes with shares up approximately 92% year-to-date. Rocket Lab stock was down 6.70% in after-hours on Wednesday, trading at $125.10 at the time of publication, according to Benzinga Pro.
Image: courtesy of Rocket Lab.
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