Bridger Aerospace dives after launching $70 mln stock offering

Bridger Aerospace group

18/10/2023 15:23

** Shares of Bridger Aerospace  BAER.O  dive 30.5% to $4.26,
lowest since Mar, as aerial firefighting firm seeks equity raise
    ** Co late Tues launched $70 mln offering
    ** Co plans to use net offering proceeds to fund ~$40 mln
purchase of four Super Scooper aircraft from Spanish government
and for previously announced acquisition of Bighorn Airways
    ** Also after the bell Tues, co said expects Q3 rev of
$51-$55 mln and adj EBITDA of $36-$40 mln vs rev of $32.5
mln/adj EBITDA of $19.2 mln a yr-ago
    ** On Jan 25, Bridger's stock closed at $22.08 in co's
public debut after completing SPAC merger with Jack Creek
Investment
    ** At current levels, Bridger would sell ~16 mln shares
    ** It has ~44.5 mln shares outstanding and just ~7.6 mln
shares of free float, LSEG data showed

 (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))