Stock of Kratos Defense & Security Solutions, Inc. (KTOS) is moving down about 7 percent on Friday morning trading over the pricing of an underwritten offering of about 14.29 million shares at $84 per share.
The company's shares are currently trading at $85.20 on the Nasdaq, down 7.55 percent. The stock opened at $92.14 and has fell as low as $84.56 so far in today's session. Over the past year, it has traded in a range of $25.11 to $134.00.
The net proceeds of approximately $1.172 billion will be utilized to make important capital expenditures, invest in new product, system and software product development, and fund the recent acquisition of Nomad.
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