MDA Space (MDA) said Tuesday that its upsized $819 million share offering has closed.

The company said it sold 23 million common shares at $35.60 apiece.

MDA Space said it has granted the underwriters a 30-day over-allotment option to buy up to an additional 15% of shares issued in connection with the offering.

The company said it intends to use the net proceeds to fund its acquisition of a 70% stake in Collecte Localisation Satellites and repay debt.

Shares of the company were up 4.9% in Tuesday's premarket activity.