SPX Technologies announces $500 million stock offering

SPX Technologies Inc. (NYSE: SPXC) announced plans for an underwritten public offering of $500 million in common stock shares. The Charlotte-based company also intends to grant underwriters a 30-day option to purchase up to an additional $75 million of shares.

BofA Securities, J.P. Morgan, and Wells Fargo Securities are serving as joint book-running managers for the proposed offering. TD Cowen and Truist Securities are also acting as book-running managers.

The offering is subject to market conditions and completion cannot be assured. SPX stated there is no guarantee regarding the timing, completion, or final terms of the offering.

The shares are being offered through an effective automatic shelf registration statement previously filed with the Securities and Exchange Commission. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on the commission's website.

SPX Technologies is a supplier of engineered products and technologies serving HVAC and detection and measurement markets. The company employs over 4,300 people across more than 16 countries and is based in Charlotte, North Carolina.

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