Kratos falls after pricing latest stock offering
Shares of Kratos Defense & Security Solutions KTOS.O fall 7.8% to $39 in premarket trading
The defense firm prices latest common stock offering of $500 mln at $38.50 per share, implying a discount of about 9% to stock's last closing price
Offering is expected to close on June 27
Co expects to use the net proceeds to fund investments and capex to scale up mission critical national security priorities related to existing programs, acquisitions and other corporate purposes, including pay-down of debt
Baird, RBC Capital Markets, Truist Securities and Raymond James are joint bookrunners
As of last close, co stands at a market cap of 6.49 bln, with a "buy" average rating of 12 analysts, median PT of $40 - data compiled by LSEG
Stock up 60.4% YTD, till last close
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