AIRO Group Holdings, Inc. (NASDAQ: AIRO) shares began Monday in a downward direction. AIRO, a company specializing in advanced aerospace and defense technologies, today announced the closing of its upsized underwritten public offering of 4,830,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase 630,000 additional shares on September 12.
The gross proceeds to AIRO from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by AIRO, were $89.4 million.
AIRO currently intends to use the net proceeds from this offering (i) primarily to fund growth initiatives and pursue opportunistic acquisitions of complementary businesses, products, services or technologies that align with AIRO’s strategic objectives and (ii) to repurchase 1,116,312 shares of common stock held by certain stockholders at a price per share equal to the public offering price per share in the offering, less underwriting discounts and commissions.
Any remaining proceeds will be used for general corporate purposes, including working capital and ongoing operational needs.
AIRO is a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. AIRO is organized into four operating segments, each of which represents a critical growth vector in the aerospace and defense market: Drones, Avionics, Training, and Electric Air Mobility.
AIRO shares declined in price 26 cents, or1.3%, to $19.88.
