CPI Aerostructures, Inc. : CPI Aero Announces Pricing of Common Stock Offering
06/08/2012| 08:15am US/Eastern
CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) today announced
the pricing of its previously announced underwritten public offering of
1,305,000 shares of its common stock at a price to the public of $12.00
per share. CPI Aero is offering 1,000,000 shares and selling
stockholders are offering 305,000 shares of common stock. In addition,
CPI Aero has granted the underwriters a 30-day option to purchase up to
195,750 additional shares of its common stock to cover overallotments,
Net proceeds from the sale by CPI Aero of the shares after underwriting
discounts and commissions and other offering expenses are expected to be
approximately $11.2 million. The company plans to use the net proceeds
from the offering for working capital and other general corporate
purposes and to pay down a portion of its revolving credit facility. The
offering is subject to customary closing conditions and is expected to
close on June 13, 2012.
Roth Capital Partners is acting as the sole bookrunning manager of the
offering. EarlyBirdCapital, Inc. and Noble Financial Capital Markets are
acting as co-managers.
The offering is being made pursuant to an effective shelf registration
statement (File No. 333-181056) declared effective by the Securities and
Exchange Commission on May 11, 2012. Copies of the prospectus supplement
and accompanying base prospectus relating to the offering may be
obtained from the Securities and Exchange Commission at http://www.sec.gov,
or from Roth Capital Partners at 888 San Clemente Drive, Newport Beach,
CA 92660, by calling (800) 678-9147 or by email: firstname.lastname@example.org.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, the shares of common stock. Neither CPI
Aero nor the selling stockholders will sell any of the shares of common
stock and has been advised by the underwriters that neither they nor
their affiliates will sell any of the shares of common stock in any
state or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About CPI Aero
CPI Aero is engaged in the contract production of structural aircraft
parts for leading prime defense contractors, the U.S. Air Force, and
other branches of the armed forces. CPI Aero also acts as a
subcontractor to prime aircraft manufacturers in the production of
commercial aircraft parts. In conjunction with its assembly operations,
CPI Aero provides engineering, technical and program management services.
Safe Harbor Statement
This press release contains forward-looking information. Readers are
cautioned not to place undue reliance on any such forward-looking
statements, each of which speaks only as of the date made. Such
statements are subject to certain risks and uncertainties which are
disclosed in CPI Aero's SEC reports, including the Form 10-K for the
year ended December 31, 2011, and the Form 10-Q for the quarter ended
March 31, 2012. These risks and uncertainties could cause actual results
to differ materially from those currently anticipated or projected.
Vincent Palazzolo, Chief Financial Officer, 631/586-5200
The Equity Group Inc.
Lena Cati, 212/836-9611
© Business Wire 2012