Global Defense Technology & Systems Inc. (GTEC), a provider of defense technologies to the national security community, announced that it has priced its initial public offering of 4.6 million shares of common stock at $13.00 per share, of which 3.0 million shares are being sold by the Company and 1.6 million shares are being sold by certain selling stockholders.
The underwriters have a 30-day option to purchase up to an additional 690,000 shares of common stock from one of the selling stockholders at the initial public offering price. The offering is expected to close on or about November 25, 2009.
The company said that it will use the proceeds from this offering to repay debt and for general corporate purposes, including future acquisitions. It will not receive any proceeds from the sale of common stock by the selling stockholders.
The offering was made through an underwriting syndicate led by Cowen and Company, LLC, who acted as book-running manager. Stifel, Nicolaus & Company, Incorporated, Raymond James & Associates, Inc. and SunTrust Robinson Humphrey, Inc. acted as co-managers.
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