Firefly Aerospace Inc Firefly Aerospace (FLY) shares are moving lower in extended trading Tuesday after the company announced a proposed public offering.

Firefly Launches Proposed Common Stock Offering

After closing the day up 18.81%, Firefly announced that it commenced a public offering of 12 million shares. Firefly will offer 4 million shares and selling stockholders will offer 8 million shares in the proposed offering.

The selling stockholders plan to grant the underwriters a 30-day window to purchase up to an additional 1.8 million shares at the public offering price.

Firefly plans to use the net proceeds from the offering to support the growth of its core business and recently awarded programs and initiatives. The company will not receive any proceeds from the sale of shares by selling stockholders.

The offering comes after Firefly was awarded a $75 million contract from NASA's Jet Propulsion Laboratory on Tuesday to deliver four drones to the Moon's south pole.

Firefly had approximately $326.18 million of total cash and cash equivalents as of March 31.

FLY Shares Slip After The Close

FLY Price Action: Firefly shares were down 4.10% in after-hours, trading at $56.40 at the time of publication on Tuesday, per MarketDash.