Why VSE Shares Are Plummeting Today

VSE Corporation VSEC has priced its previously announced underwritten public offering of 2.47 million shares at a price to the public of $48.50 per share. 

The offer price represents an 11% discount to the company’s closing price on July 19.

VSE has also granted the underwriters a 30-day option to purchase up to an additional 371,250 shares.

The company expects to substantially use all the $112.7 million net proceeds to repay outstanding borrowings under its revolving credit facility and for general corporate purposes.

The offering is expected to close on July 24, 2023, subject to the satisfaction of customary closing conditions.

The company will issue second quarter 2023 results after the market close on Wednesday, July 26, 2023.

Price Action: VSEC shares are trading lower by 7.08% at $50.56 on the last check Thursday.