Karman Announces Launch of its Initial Public Offering

HUNTINGTON BEACH, Calif., Feb. 5, 2025 /PRNewswire/ -- TCFIII Spaceco Holdings LLC (d/b/a) Karman Space and Defense ("Karman" or the "Company"), a company specializing in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs, today announced the commencement of its initial public offering of 21,052,632 shares of its common stock (the "Common Stock"). The offering consists of 8,421,053 shares of Common Stock being offered by Karman and 12,631,579 shares of Common Stock being offered by certain selling stockholders. The selling stockholders also expect to grant the underwriters a 30-day option to purchase up to an additional 3,157,894 shares (solely to cover over-allotments, if any) of Common Stock at the initial public offering price, less underwriting discounts and commissions. Karman will not receive any proceeds from any sale of shares by the selling stockholders.

The initial public offering price is expected to be between $18.00 and $20.00 per share. Karman currently intends to use the net proceeds it receives from this offering, together with its existing cash, cash equivalents and short-term investments, for general corporate purposes, including additional development efforts, working capital and operating expenses.

Karman has applied to list its Common Stock on the New York Stock Exchange under the ticker symbol "KRMN."

Citigroup and Evercore ISI are acting as book-running managers for the proposed offering and as representatives of the underwriters for the proposed offering. RBC Capital Markets and William Blair are acting as joint bookrunners for the proposed offering. Baird is acting as co-manager for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: (800) 831-9146 and Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone: (888) 474-0200, or by email: [email protected].

A registration statement on Form S-1, including a prospectus, relating to the proposed offering of Common Stock has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. Accordingly, the Common Stock may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Common Stock, nor shall there be any sale of the Common Stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Karman

We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs. Our integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense and space sector initiatives.

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SOURCE Karman Space & Defense