Rocket Lab dips after announcing Mynaric acquisiton, planned equity raise

Shares of rocket maker Rocket Lab RKLB.O fall 2.8% to $17.34 in extended trade

RKLB will acquire a controlling stake in laser communications provider Mynaric M0YNn.DE for an initial purchase price of about $75 million

Deal value could be bumped up to an additional $75 million if certain revenue targets are met

Additionally, RKLB announced up to $500 million at-the-market (ATM) equity offering program to be handled by BofA Securities, Cantor, Stifel and TD Securities

Per offering prospectus, RKLB has ~453.5 million shares outstanding as of February 21, giving it a market cap of $8.09 billion

Co plans to use the proceeds to fund future growth, including its Mynaric acquisition

RKLB stock down 30% YTD