CPI Aerostructures (CVU) Prices 1.3M Offering at $12/Share
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CPI Aerostructures, Inc. (“CPI Aero”) (NYSE: CVU) today announced the pricing of its previously announced underwritten public offering of 1,305,000 shares of its common stock at a price to the public of $12.00 per share. CPI Aero is offering 1,000,000 shares and selling stockholders are offering 305,000 shares of common stock. In addition, CPI Aero has granted the underwriters a 30-day option to purchase up to 195,750 additional shares of its common stock to cover overallotments, if any.
Net proceeds from the sale by CPI Aero of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $11.2 million. The company plans to use the net proceeds from the offering for working capital and other general corporate purposes and to pay down a portion of its revolving credit facility. The offering is subject to customary closing conditions and is expected to close on June 13, 2012.
Net proceeds from the sale by CPI Aero of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $11.2 million. The company plans to use the net proceeds from the offering for working capital and other general corporate purposes and to pay down a portion of its revolving credit facility. The offering is subject to customary closing conditions and is expected to close on June 13, 2012.
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