((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto))
May 29 – **Shares of Karman Holdings (KRMN.N), maker of space and defense systems, fell 5.3% in pre-market trading to $62.35, after pricing an $854 million secondary offering completed overnight** The company, operating under the name Karman Space & Defense, announced Thursday evening that 14 million shares had been sold by existing shareholders at a price of $61
** The offering volume was increased by 13.5 million shares and the price set at a 7.4% discount to the last share price ** Among the selling shareholders was private equity firm Trive Capital, according to the prospectus
**KRMN, headquartered in Huntington Beach, California, has approximately 132.5 million shares outstanding
**Citigroup and Evercore are the bookrunners for the offering** Along with the offering launch Thursday evening, the company provided an operational update and noted that as of May 25, its portfolio of active projects had tripled to approximately $3 billion since the end of March
** As of Thursday’s close, KRMN stock was down 10% year to date
** Of the 11 analysts covering the stock, the recommendations are distributed as follows: 4 “strong buyâ€, 6 “buy†and 1 “sellâ€; the median target price is $107, according to LSEG data
