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CPI Aerostructures, investors to sell 1.3M shares
The Edgewood-based aircraft parts maker CPI Aerostructures Inc. set a price of $12 per share Friday for its upcoming stock offering.
CPI and its shareholders are selling 1.3 million shares in an effort to raise about $11.2 million for working capital and to pay down a revolving credit line. The offering is expected to close June 13.
The company is offering 1 million of the shares, and stockholders are selling 305,000. The company is also granting underwriters a 30-day option to purchase as many as 195,750 additional shares to cover any overallotments.
In a “secondary” stock offering, like the one CPI is doing, a company that is already public sells more shares.
CPI company announced the offering price before the market opened Friday morning. Its shares fell 50 cents, to $12.15, in early trading.