VSE Corp slips on pricing $150 mln stock offering

Anika Therapeutics

15/05/2024 14:23

** VSE Corp's  VSEC.O  shares down 1.8% at $73 premarket
after aviation services firm's overnight follow-on prices
    ** Co late Tues announced ~2.1 mln shares at $71 for total
gross raise of ~$150 mln
    ** Offering price represents 4.5% discount to stock's last
sale
    ** VSE plans to use expected net proceeds of ~$141 mln to
repay borrowings under revolving loan facility, including those
to fund acquisition of Turbine Controls
    ** Co last month completed $120 mln purchase of engine
maintenance, repair and overhaul services firm Turbine Controls
    ** VSE has ~16 mln shares outstanding for $1.2 bln market
cap
    ** Shares had lost 13% amid 4-day slide since co on May 8
released Q1 results and announced appointment of Tarang Sharma
as interim CFO to succeed Steve Griffin, who was named finance
chief at Anika Therapeutics  ANIK.O 
    ** Through Tues, VSEC shares up 15% YTD and up nearly 60%
over the past 12 months. Stock hit intraday record high of
$86.26 on May 6

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))