TAT Technologies Shares Drop on Discounted Private Placement

Dow Jones09-03

By Michael Susin

TAT Technologies shares fell Tuesday after the company said it will issue a discounted private share placement.

In premarket trading, shares were down 7.4% at $16.16. On a 52-week basis, TAT's shares more than doubled.

The company said it expects to receive around $10.0 million through the issue and sale of 673,340 shares to private investors at a price of around $15.03 a share. This represents a discount of almost 14% compared with Friday's closing price of $17.46 prior to the announcement.

The newly issued shares are expected to represent around 6.2% of the company's total shares. The deal is anticipated to be completed this month.

The proceeds will be used for corporate purposes, it added.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

September 03, 2024 06:41 ET (10:41 GMT)

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