Frequency Electronics Prices $100 Million Stock Offering
Frequency Electronics (FEIM) has priced a public offering of 1.74 million common shares at $57.50 per share, raising approximately $100 million in capital. The offering includes 1.09 million new shares issued by the company and an additional 652,174 shares sold by existing stockholders Edenbrook Value Fund LP and Edenbrook. This move follows a previously announced underwritten public offering. The stock has slumped over 10% in response to the news as investors may be concerned about potential dilution from the new share issuance or uncertainty around how the raised capital will be used. The involvement of existing shareholders selling their stake could also signal internal confidence shifts, influencing market sentiment.
Tickers: $FEIM