Rome, 22 November 2023 08:23
Leonardo S.p.A. (“Leonardo”) announced today the completion on November 21, 2023 of an upsized public secondary offering in the United States by Leonardo US Holding, LLC (the “Selling Stockholder”), Leonardo’s subsidiary, of a minority stake of 20,700,000 shares of common stock of Leonardo DRS, Inc. (“DRS”) at an offering price of $17.75 per share, which includes 18,000,000 initially offered shares as well as the exercise in full on November 17, 2023 by the underwriters of their option to purchase an additional 2,700,000 shares of DRS’s common stock from the Selling Stockholder. All of the shares in the offering were sold by the Selling Stockholder. DRS did not receive any proceeds from the offering.
Following completion of the offering, given that the underwriters exercised in full their option to purchase an additional 2,700,000 shares, the Selling Stockholder holds approximately 72.3% of the issued and outstanding shares of common stock in DRS.
Morgan Stanley, BofA Securities and J.P. Morgan acted as joint book-running managers for the offering. Baird, Goldman Sachs & Co. LLC and Truist acted as joint book-runners for the offering. CJS Securities acted as co-manager for the offering.
The shares of common stock in the offering were offered pursuant to an automatically effective shelf registration statement on Form S-3 filed by DRS with the Securities and Exchange Commission on November 15, 2023. The offering was made only by means of a prospectus supplement and the accompanying prospectus of DRS that forms a part of the registration statement.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any offer or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.