Redwire Falls 15%+ Intraday After Company Launches $500 Million ATM Secondary Stock Offering

$Redwire (RDW.US)$sank more than 15% intraday Tuesday after the aerospace-and-defense company announced a planned at-the-market secondary offering of as much as $500 million of new stock.

RDW fell as much as 17.3% to a $15.35 session low in U.S. morning trading after launching an offering to sell the stock over time.

Redwire is aiming for a continuous ATM offering, meaning shares can be sold incrementally rather than in a single raise, giving the company flexibility on the share sales' timing and size.

However, the secondary offering will dilute existing shareholders, which is likely why RDW's stock price fell...