Tat Technologies drops on planned stock offering

U.S.-listed shares of Israeli defense contractor Tat Technologies TATT.O down 7.9% premarket to $28.38 after launching stock offering

Co late Weds commenced 4.15 mln share offering, of which ~2.5 mln shares to be sold by existing shareholders

FIMI (First Israel Mezzanine Investors) Opportunity V and FIMI Israel Opportunity Five comprise the selling shareholders, per the SEC prospectus filing

Co, which offers heat transfer solutions, and maintenance, repair, and overhaul for components like APUs (Auxiliary Power Units) and landing gear, plans to use net offering proceeds it receives for working capital, capex

It has ~10.9 mln shares outstanding for $337 mln market cap, and ~8 mln shares of public float, per LSEG data

Stifel and Truist are jt bookrunners for the offering

Through Weds close, TATT shares up 20% YTD and have more than doubled over the past 12 months. Stock hit intraday record high of $36.49 on May 9