Investing.com -- Rocket Lab USA Inc. (NASDAQ: RKLB) shares fell 6.6% Thursday after the company entered into an equity distribution agreement to sell up to $3 billion in common stock.

The aerospace company disclosed in an SEC filing on May 20, 2026, that it signed an agreement with 16 financial institutions, including BofA Securities, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC, to act as sales agents for the offering.

Under the equity distribution agreement, Rocket Lab may offer and sell shares from time to time through the sales agents, who will act as the company's agents or principals. The shares will have an aggregate offering price of up to $3 billion.

The agreement also allows Rocket Lab to enter into forward sale agreements with certain financial institutions. In these forward transactions, the forward purchasers or their affiliates will borrow shares from third-party stock lenders and sell them through the relevant sales agents to hedge the forward sale agreements.

The sales agents include BofA Securities, BTIG, Cantor Fitzgerald, Citizens JMP Securities, Craig-Hallum Capital Group, Deutsche Bank Securities, KeyBanc Capital Markets, Needham & Company, Nomura Securities International, Robert W. Baird, Roth Capital Partners, Stifel Nicolaus, TD Securities and Wells Fargo Securities.

The forward purchasers include Bank of America, Deutsche Bank AG London Branch, Goldman Sachs, KeyBanc Capital Markets, Morgan Stanley, Nomura Global Financial Products, Robert W. Baird, Stifel Nicolaus, The Toronto-Dominion Bank and Wells Fargo Bank.