SAN DIEGO (Robbins LLP PR) — Shareholder rights law firm Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased Redwire Corporation (NYSE: RDW) between August 11, 2021 and November 14, 2021. The complaint alleges violations of the Securities Exchange Act of 1934. Redwire purports to offer mission critical space solutions and high reliability components for the next generation space economy.
If you suffered a loss due to Redwire Corporation’s misconduct, click here.
There Were Material Weaknesses in Redwire Corporation’s (RDW) Internal Controls Over Financial Reporting
According to the complaint, Genesis Park Acquisition Corp., a special purpose acquisition company, combined with certain entities to become Redwire on September 2, 2021. On November 10, 2021, Redwire announced it would postpone the release of its third quarter earnings results. The Company “was notified by an employee of potential accounting issues at a business subunit,” and the Audit Committee was investigating the allegations. On this news, Redwire’s stock price fell $1.92, or 16%, to close at $9.99 per share on November 10, 2021. Then, on November 15, 2021, Redwire stated it could not timely file its quarterly report for the period ended September 30, 2021. Due to the investigation, “the Company has not been able to finalize its financial statements or its assessment of effectiveness of its disclosure controls and procedures and any impact” on the report. On this news, the Company’s stock price fell over 8% over two consecutive trading sessions to close at $10.32 per share on November 16, 2021, harming investors.
If you purchased shares of Redwire Corporation (RDW) between August 11, 2021 and November 14, 2021, you have until February 15, 2022, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Shares of space infrastructure and manufacturing conglomerate Redwire (RDW) surged by 16.57 percent on Friday during the company’s first day of trading on the New York Stock Exchange. The stock price rose by $1.74 to $12.24.
The debut came after shareholders of Genesis Park Acquisition Corp. overwhelmingly backed a merger with Redwire on Wednesday. Genesis Park was a special purpose acquisition company (SPAC) that was already traded on NYSE that was established by investors with the goal of finding a company with which to merge and take public.
JACKSONVILLE, Fla. and HOUSTON, Sept. 1, 2021 (Genesis Park PR) — Genesis Park Acquisition Corp. (“GPAC”) (NYSE: GNPK), a U.S. publicly-traded special purpose acquisition company, and Redwire, LLC (“Redwire” or the “Company”), a leader in mission critical space solutions and high reliability components for the next generation space economy, announced that at GPAC’s extraordinary general meeting held today (the “Extraordinary General Meeting”), GPAC’s shareholders voted to approve the previously announced proposed business combination between GPAC and Redwire (the “Business Combination”), as well as all other proposals related to the Business Combination. Approximately 97% of the votes cast at the meeting, representing approximately 73% of GPAC’s outstanding shares as of the record date, voted to approve the Business Combination.
JACKSONVILLE, Fla. and HOUSTON, Aug. 11, 2021 (Genesis Park Acquisition Corp. PR) — Genesis Park Acquisition Corp. (NYSE: GNPK) (“Genesis Park”), a publicly traded special purpose acquisition company, announced today that the U.S. Securities and Exchange Commission (“SEC”) has declared effective its registration statement on Form S-4 (File No. 333-257710), which includes Genesis Park’s definitive proxy statement/prospectus in connection with Genesis Park’s Extraordinary General Meeting of shareholders relating to the previously announced business combination (the “Business Combination”) with Redwire.
The Extraordinary General Meeting of Genesis Park’s shareholders will be held at 10:00 a.m. Eastern Time on September 1, 2021 in connection with the Business Combination. The proxy statement/prospectus is being mailed to the Company’s shareholders of record as of the close of business on August 2, 2021 (the “Record Date”).
Redwire is a pure play space infrastructure company providing critical technology and services to fast-growing national security, civil, and commercial markets
Global space economy growing rapidly, projected to exceed $2 trillion in 2040
Business combination values Redwire at a pro forma enterprise value of $615 million; transaction expected to deliver approximately $170 million cash to the Redwire balance sheet (assuming no redemptions)
Includes a fully committed and oversubscribed $100 million common stock PIPE with participation by Senvest Management, LLC and Crescent Park Management, L.P.
Proven management team and 50+ years of space heritage and deep customer relationships in space and aerospace
Undisputed leader in rapidly expanding 3D printing/manufacturing and robotic assembly in space, which is critical to the future of space infrastructure solutions
Strong financial foundation with current revenue, EBITDA, and free cash flow
Projected 2021 revenue of $163 million and forecasted 72% 2021E – 2025E revenue CAGR, with positive and growing Adj. EBITDA and cash flow driven by an over $23 billion pipeline of identifiable contracts
Current Redwire stockholders, Genesis Park stockholders and PIPE investors will hold shares in the combined company to be listed on the NYSE
JACKSONVILLE, Fla. and HOUSTON, March 25, 2021 (Redwire PR) — Redwire (or “the Company”), a leader in mission-critical space solutions and high reliability components for the next generation space economy, and Genesis Park Acquisition Corp. (NYSE: GNPK) (“Genesis Park”), a publicly traded special purpose acquisition company, announced today that they have entered into a definitive merger agreement that will result in Redwire becoming a publicly traded company. The transaction is expected to be completed by the end of the second quarter of 2021, and at that time, Genesis Park Acquisition Corp. will change its name to Redwire and the company will trade on the NYSE.