By Chris Wack
Transcat shares were down 10% at $97.57 after the company priced its underwritten public offering of 737,000 shares at $95 a share.
The company expects the net proceeds from this offering to be $65.2 million, after deducting underwriting discounts, commissions and estimated offering expenses.
Transcat intends to use the proceeds from this offering to repay its credit facility with Manufacturers and Traders Trust Company, for working capital, and for other general corporate purposes.
Transcat has granted the underwriters a 30-day option to purchase up to 110,000 additional shares.
The company expects the offering to close on or about Monday.
Write to Chris Wack at [email protected]
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