Global Defense Technology & Systems, Inc. (GTEC), a provider of defense technologies to the national security community, announced the pricing of initial public offering of 4.6 million shares of common stock at $13 per share, which is below its previously estimated $14 to $16 per share range.
Of the total shares offered, 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 thousand shares from one of the selling stockholders. The offering is expected to close on or about November 25, 2009.
The company plans to use this offering proceeds to repay debt and for general corporate purposes, including future acquisitions.
Global Defense Technology generated $157.07 million in revenue and posted $2.83 million net income for the first nine-months of 2009. Damian Perl, one of its directors, holds majority stake in the company.
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