By Chris Wack
VSE Corp. shares were up 16% to $104.04 after the company priced its previously announced underwritten public offering of 1.7 million shares at $87 a share.
The stock hit its 52-week high of $105.15 earlier in Wednesday's session, and is up 91% in the past 12 months.
The Alexandria, Va., company, which provides aftermarket distribution and repair services, has granted the underwriters a 30-day option to buy up to an additional 259,000 shares.
The offering is expected to close Thursday.
VSE expects to see proceeds of $142.5 million from the offering.
The company intends to use the proceeds from the offering to finance a portion of the cash consideration for its previously announced acquisition of Kellstrom Aerospace Group.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 16, 2024 13:33 ET (17:33 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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