NEW YORK, Sept. 24 -- EDO Corp. has filed with the Securities and Exchange Commission (SEC) a registration statement for a public offering of its common stock.
It is expected that a total of 4,000,000 shares will be offered, including 1,700,000 newly issued shares to be sold by EDO and 2,300,000 currently outstanding shares to be sold by the EDO Employee Stock Ownership Plan (ESOP), the company's qualified retirement plan, on behalf of the about 2,000 participants of the plan.
First Union Securities Inc. and SG Cowen Securities Corporation, co-lead managers, will offer the shares. The underwriters will have an option to purchase up to an additional 600,000 shares from EDO Corporation solely to cover over-allotments. EDO currently intends to use its portion of the net proceeds from the proposed offering to retire debt, for future acquisitions or for general corporate purposes.