VSE Corp soars to record after acquisition-related stock offering

VSE

16/10/2024 15:17

** Shares of aviation services firm VSE Corp  VSEC.O  rise as
much as 10.5% to $99.49, an all-time record, early Weds after
securing equity raise to fund acquisition
    ** Stock on track for biggest one-day pct gain since May 2,
2023
** Co late Tues  pricing ~1.7 mln share offering at $87 with
Jefferies and RBC as jt lead bookrunners
    ** It plans to use expected net proceeds of $142.5 mln to
finance cash portion for buy of 
  
    
      
    
  
    
      
    
  
    
      
    
  
    ** Prior to offering, VSEC had ~18.4 mln shares outstanding
    ** With move on the session, shares up ~54% YTD following
~38% gain last year

(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))