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LHX Stock Takes Off Pre-Market After L3harris Announces Rocket Motor Spin-Off With $1 Billion Pentagon Backing
(MENAFN- AsiaNet News)
L3Harris Technologies Inc. (LHX) on Tuesday announced that the U.S. Department of War, also known as the Department of Defense, will invest $1 billion in the company's rocket motor business.
According to L3Harris' announcement, the firm will spin off its rocket motor business into a new publicly traded company backed by the $1 billion investment in convertible securities. L3Harris said that the new company will convert the investment into common equity when the latter goes public later in 2026.
L3Harris shares were up more than 11% at the time of writing, with retail sentiment trending in the 'bullish' territory on Stocktwits.
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