Karman Space & Defense announces 20 million share public offering

Karman Space & Defense (NYSE: KRMN) announced a proposed underwritten public offering of 20 million shares of common stock by certain selling stockholders, according to a company statement.

The aerospace and defense company will not sell any shares in the offering and will not receive proceeds from the sale. All proceeds will go to the selling stockholders, who also granted underwriters a 30-day option to purchase up to an additional 3 million shares.

Citigroup and Evercore ISI are serving as book-running managers and representatives of the underwriters for the proposed offering.

The company has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission, though it has not yet become effective. The shares cannot be sold until the registration statement becomes effective.

Karman Space & Defense designs, develops and produces system solutions for launch vehicle, satellite, spacecraft, missile defense, hypersonic and unmanned aircraft system customers. The Huntington Beach, California-based company serves more than 70 prime contractors supporting over 100 space and defense programs.

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