Rocket Lab drops on $1 bln equity raise plans
Space services firm Rocket Lab RKLB.O shares down 4.2% in extended trading to $75.36 as it seeks equity raise
RKLB files up to $1 bln (at the market) offering with brokerages including BofA, BTIG, Cantor Fitzgerald, Deutsche Bank and Goldman Sachs as sales agents
As part of the equity distribution agreement, co may enter into forward sales with the agents
It intends to use net offering proceeds to fund growth, including potential acquisitions, and for general and working capital purposes
Long Beach, California-based RKLB has ~569.4 mln shares outstanding as of Mar 12, per the filing, giving it ~$44.8 bln market cap
RKLB shares on Tues rose 10.2% to close at $78.59. Stock up ~13% YTD and has roughly quadrupled over the past 12 months
13 of 18 analysts rate RKLB "strong buy" or "buy", 5 "hold"; median PT of $90 up from $80.55 a month ago and $63 on Dec 17, per LSEG data
