What happened
Wednesday was supposed to be earnings day for recent special purpose acquisition company (SPAC) initial public offering and space infrastructure builder Redwire (RDW 4.35%).
Now it's no longer earnings day -- and Redwire stock is down 12.2% as of 10:30 a.m. EST because of it.
Image source: Getty Images.
So what
Just six days ago, Redwire told investors that it would release its first earnings report as a publicly traded company -- its third-quarter report -- prior to the market opening on Wednesday, Nov. 10. But guess what?
The market opened this morning and... no earnings report from Redwire!
The reason: Last night Redwire rethought itself and announced it would have to "reschedule its earnings announcement." It did not, however, say when its announcement will be made. Nor did Redwire say why it needed to reschedule, promising only to "share details for the revised scheduling, including the timing for the earnings conference call and webcast, once the new date has been set."
Now what
Suffice it to say that speculation is now probably rampant among Redwire investors: Did Redwire find a goof in its math and need extra time to check its numbers before publishing them? Has some material event emerged that Redwire needs to spin before it announces the news in its report?
At the very least, the fact that the company was confident enough to set an earnings date last week, but just a few days later is no longer ready to go, suggests there are some wires crossed within HQ, and more than a little confusion among Redwire management.
This isn't the kind of thing to inspire confidence among investors -- and that's showing up in today's share price.
