AIRO closes $89.4 million public offering with overallotment

AIRO Group Holdings Inc. (NASDAQ: AIRO) closed its public offering of 4,830,000 shares of common stock, generating gross proceeds of $89.4 million before fees and expenses, according to a company statement.

The aerospace and defense technology company sold 4,200,000 shares in the base offering and an additional 630,000 shares through the full exercise of underwriters' overallotment option. The offering closed September 12.

AIRO plans to use the net proceeds primarily to fund growth initiatives and pursue acquisitions of complementary businesses, products, services or technologies. The company also intends to repurchase 1,116,312 shares from certain stockholders at the public offering price minus underwriting fees. Remaining proceeds will support general corporate purposes, including working capital and operational needs.

Cantor served as lead book-running manager for the offering. BTIG, Mizuho and Bancroft Capital acted as joint book-running managers.

The U.S. Securities and Exchange Commission declared the registration statement for the securities offering effective September 10.

AIRO operates in four segments within aerospace and defense: Drones, Avionics, Training, and Electric Air Mobility. The company has offices in Albuquerque, Montreal, Denmark and Washington.

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