AIRO slides after launching stock offering

Shares of aerospace and defense technologies firm AIRO Group AIRO.O down 8.9% to $18.66 on Tues as it looks to raise equity just three months since going public

Albuquerque, New Mexico-based AIRO commences 3.5 mln share offering

It intends to use net offering proceeds primarily to fund growth initiatives and potential acquisitions, and to repurchase 815,000 shares from certain stockholders

Cantor is lead bookrunner for proposed offering

On Jun 13, AIRO shares closed at $24 in their first day of trading after IPO of 6 mln shares priced at $10

Co's business is organized into four segments: drones, avionics, military training and electric air mobility

As of Aug 13, co had ~27.4 mln shares outstanding, according to its filing