MDA Space Ltd. (TSX: MDA) (NYSE: MDA) announced that underwriters have exercised their over-allotment option to purchase an additional 1,344,071 common shares at $30.50 per share in connection with the company's recently completed public offering.

The exercise of the over-allotment option generated additional gross proceeds of approximately $41 million for the Toronto-based space technology company. This brings the total gross proceeds from the offering to approximately $341 million.

The offering was conducted through a syndicate of underwriters led by J.P. Morgan and RBC Capital Markets as joint lead active bookrunners. BMO Capital Markets, Deutsche Bank Securities, Jefferies, Scotiabank, and Canaccord Genuity served as joint active bookrunners.

MDA Space stated it intends to use the net proceeds to pursue growth strategies, including expanding its customer base and solutions, supporting existing customer growth, and pursuing strategic opportunities such as acquisitions or investments. The company may also use proceeds for general corporate purposes, including repaying portions of existing credit facilities.

MDA Space describes itself as a provider of robotics, satellite systems and geointelligence services to the defense and space industry. The company reports having more than 4,000 employees and a history spanning over 55 years with more than 450 missions.