Space and defense firm Karman drops on $854 mln secondary offering

Karman Holdings

29/05/2026 11:34

** Space and defense systems maker Karman Holdings' KRMN.N shares down 5.3% premarket to $62.35 after overnight $854 mln secondary offering priced
** Co, doing business as Karman Space & Defense, late Thurs announced 14 mln shares offloaded by existing holders at $61
** Offering size boosted from 13.5 mln shares and priced at 7.4% discount to stock's last sale
** Selling shareholders included private equity firm Trive Capital, per the prospectus 
** Huntington Beach, California-based KRMN has ~132.5 mln shares outstanding
** Citigroup and Evercore are bookrunners for offering
** Alongside offering launch late Thurs, co provided operational update and said as of May 25 its active pipeline tripled to approx $3 bln since end-Mar
** At Thurs close, KRMN stock down 10% YTD
** Of 11 analysts covering the stock, recommendation breakdown is 4 "strong buy", 6 "buy" and 1 "sell"; median PT $107, according to LSEG data
     
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))