Leonardo DRS Announces Pricing Of Upsized Secondary Offering Of 18M Common Shares At $17.75/Share By Its Subsidiary Leonardo US Holding
Portfolio Pulse from Benzinga Newsdesk
Leonardo DRS, Inc. has announced the pricing of an upsized secondary offering of 18 million shares at $17.75 each by its subsidiary, Leonardo US Holding, LLC. The underwriters have a 30-day option to buy up to an additional 2.7 million shares. The offering is set to close on November 21, 2023, pending customary closing conditions.
November 17, 2023 | 6:29 am
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Leonardo DRS's secondary offering could dilute existing shareholders but may provide capital for growth or debt reduction. Closing set for Nov 21, 2023.
Secondary offerings often lead to share dilution, which can depress the stock price in the short term. However, the capital raised can be beneficial for the company's long-term growth or debt reduction strategies. The impact is significant due to the size of the offering and the direct involvement of the company.
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