Airo Group Holdings, Inc. shares fall 2.45% intraday as Firefly Aerospace's IPO raises $868 million.

Airo Group Holdings, Inc. declined 2.45% in intraday trading. The drop in stock price may be attributed to the successful IPO of Firefly Aerospace, a space technology startup backed by Northrop Grumman. Firefly Aerospace raised $868.3 million by selling 19.3 million shares at $45 per share, valuing the company at approximately $6.32 billion. This event may have diverted investor attention and capital away from Airo Group Holdings, Inc., leading to the decline in its stock price.