Redwire stock fell 50.2% in June after the company announced an at-the-market stock offering to raise up to $500 million, and it has continued to decline roughly 7.5% so far in July. The at-the-market program, disclosed on June 9, will allow Redwire to sell common stock and is expected to significantly dilute existing shareholders. SpaceX's initial public offering on June 12 also pressured Redwire and other space stocks, as some investors rotated out of the sector to fund positions in SpaceX. Despite the sell-off, Redwire won contracts in June, including a deal with Astrobiome Space to grow strawberries on the International Space Station and an agreement to provide its Penguin Mk2.5 VTOL craft to the Taiwan Color Optics for the Taiwanese Coast Guard. Broader weakness in speculative growth stocks has contributed to the continued decline in July.
Redwire Corp