A filing made by Kratos Defense & Security Solutions Inc. (NASDAQ: KTOS) with the SEC showed that on Monday, the company’s director, Bandel L. Carano, bought 11,000,000 shares of KTOS common stock for $5 per share.
The shares were bought in a public offering of KTOS common stock. Carano made the purchase through Oak Investment Partners, where he is a managing partner.
KTOS announced the completion of public offering KTOS common stock on Tuesday. The gross proceeds from the offering were $100 million, including the $55 million invested by Carano’s Oak Investment Partners.
The net proceeds from the offering are expected to be used to fund a portion of the cash consideration payable to the stockholders of Composite Engineering Inc. (CEI) in connection with the proposed acquisition of CEI.
Eric DeMarco, President and CEO of Krtaos Defense & Security Solutions, thanked Carano for his confidence in KTOS’ strategic business plan and its management team. DeMarco said that with the closing of the equity offering, and the expected closing of the pending acquisition of CEI in the third quarter, the company will have acquired a very unique and rare business in the growing Aerial Targets and Unmanned Aerial Drone marketplace.
Earlier this month, Kratos Defense & Security Solutions released its first-quarter financial results. The company reported first-quarter revenue of $215 million, representing an increase of 75% over the same period in the previous year. Adjusted EBITDA for the quarter rose 94% on a year-over-year basis to $24.4 million.
KTOS shares ended 0.81% lower at $4.91 on Tuesday. Year-to-date, the stock is down more than 18%.
Based in San Diego, California, Kratos Defense & Security Solutions is a specialized national security company, providing mission critical products, services and solutions for the U.S. national security priorities.
Recent Comments