- VSE Corporation (NASDAQ:VSEC) has priced its previously announced underwritten public offering of 2.11 million shares of its common stock at a price of $71.00 per share, for an expected net proceeds to be approximately $141.0 million.
- VSE has also granted the underwriters a 30-day option to purchase up to an additional 316,901 shares of common stock.
- The company expects to use substantially all the net proceeds from this offering to repay outstanding borrowings under its revolving loan facility, including borrowings to fund its acquisition of Turbine Controls, Inc., to support potential future strategic acquisitions and for general corporate purposes.
- The offering is expected to close on May 17, 2024.
- Shares in the company were down 3.19% after-hours on Tuesday.
