Leonardo DRS Announces Pricing Of Secondary Offering Of 18 Mln Shares At $17.75/shr; Stock Down

(RTTNews) - Leonardo DRS Inc. (DRS) announced the pricing of an upsized public secondary offering of 18 million shares of its common stock at an offering price of $17.75 per share by Leonardo US Holding LLC, a subsidiary of Leonardo S.p.A.

DRS closed Thursday's regular trading at $18.46 down $2.33 or 11.21%. In the after-hours trading the stock further dropped $0.20 or 1.08%.

The selling stockholder granted the underwriters a 30-day option to purchase up to an additional 2.70 million shares of DRS's common stock from the Selling Stockholder at the public offering price, less underwriting discounts and commissions.

The offering is expected to close on November 21, 2023.

Upon completion of the offering, Leonardo S.p.A. will beneficially own about 73.3% of the outstanding common stock of DRS, or approximately 72.3% if the underwriters fully exercise their option to purchase additional shares. All of the shares in the offering will be sold by the Selling Stockholder.

DRS said it is not offering any shares of common stock in this offering and will not receive any proceeds from the sale of shares by the selling Stockholder.