By Colin Kellaher
Ducommun Inc. shares tumbled in premarket trading Tuesday after the provider of engineering and manufacturing services said it was raising about $74.4 million in a public stock offering.
Its shares were recently down 15% at $41.02 in premarket trading.
The Santa Ana, Calif., company said the offering of 2 million shares was priced at $40 apiece, some 17% below Monday’s closing price of $48.42.
Ducommun, which had about 12.2 million shares outstanding before the offering, said it plans to use the new funds to repay debt under its revolving credit facility incurred to finance its acquisition of BLR Aerospace.
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