Frequency Electronics falls after launching $100 mln share offering
BUZZ-Frequency Electronics falls after launching $100 mln share offering ** Precision timing tech co Frequency Electronics FEIM.O shares down 9.8% to $59.94 in extended trading on planned equity offering
** FEIM kicks off $100 mln offering
** Co offering $62.5 mln of shares; Edenbrook Value Fund and Edenbrook Long Only Value Fund, affiliates of its board member, Jonathan Brolin, selling the balance
** Morgan Stanley lead bookrunner
** FEIM intends to use net offering proceeds it receives to fund growth, including for capex, working capital, other general purposes
** FEIM shares closed down 5.9% at $66.46 on Tues, trimming YTD gain to ~22%
** Uniondale-area, New York-based firm has ~9.9 mln shares outstanding for roughly $660 mln market cap
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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