V2X, INC. ANNOUNCES PRICING OF SECONDARY OFFERING OF COMMON STOCK

Rhea-AI Summary

V2X, Inc. (NYSE: VVX) has announced the pricing of a secondary offering of common stock by a selling stockholder at $48.00 per share. The offering includes an option for underwriters to purchase up to 300,000 additional shares. V2X is not selling any shares or receiving proceeds from this offering. The closing is expected around September 6, 2024, subject to conditions. Goldman Sachs & Co. , Morgan Stanley, and Baird are serving as joint book-running managers, with several other firms in supporting roles. A registration statement for this offering has been declared effective by the SEC, and a preliminary prospectus supplement has been filed.

Positive

• Successful pricing of secondary offering at $48.00 per share
• Underwriters granted option to purchase additional 300,000 shares, indicating potential demand
• Involvement of reputable financial institutions as joint book-running managers

Negative

• Potential dilution of existing shareholders' ownership
• No proceeds from the offering will be received by V2X
• Possible downward pressure on stock price due to increased supply of shares

Insights

Financial Analyst

The pricing of V2X's secondary offering at $48.00 per share is a neutral development for the company. As V2X isn't selling any shares or receiving proceeds, this doesn't directly impact its financial position. However, it's worth noting that the selling stockholder's decision to offload shares could be interpreted as a lack of confidence in future growth.

The involvement of major underwriters like Goldman Sachs, Morgan Stanley and Baird lends credibility to the offering. The option for underwriters to purchase an additional 300,000 shares suggests potential market interest. Investors should monitor the stock's performance post-offering to gauge market reaction and potential price pressure from increased supply.

Market Research Analyst

This secondary offering highlights V2X's position in the global mission solutions sector. The $48.00 per share price point suggests a relatively stable valuation, though it's important to compare this to recent trading prices. The offering's timing and size may indicate the selling stockholder's market outlook or liquidity needs.

Investors should consider how this offering might affect V2X's shareholder structure and float. While the company won't receive proceeds, the transaction could impact stock liquidity and trading volumes. The market's absorption of these additional shares will be a key indicator of investor sentiment towards V2X and its sector.

MCLEAN, Va., Sept. 4, 2024 /PRNewswire/ -- V2X, Inc. (NYSE: VVX) ("V2X" or the "company"), a leading provider of global mission solutions, announced today the pricing of the previously announced underwritten public offering by a certain selling stockholder at the public offering price of $48.00 per share.  In connection with the offering, the selling stockholder has granted the underwriters an option to purchase up to 300,000 additional shares of common stock from the selling stockholder. V2X is not selling any shares of common stock in the offering, and V2X will not receive any proceeds from the offering by the selling stockholder.  The offering is expected to close on or about September 6, 2024, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley and Baird are serving as joint book-running managers for the offering. Raymond James, RBC Capital Markets, Stifel, and Truist Securities are also serving as joint book-running managers for the offering. Citizens JMP and Noble Capital Markets are serving as co-managers for the offering.

A registration statement on Form S-3 (File No. 333-267223) relating to the shares of common stock of V2X to be sold in the proposed offering was declared effective by the Securities and Exchange Commission (the "SEC") on September 12, 2022.  A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering have been filed with the SEC and may be obtained by visiting EDGAR on the SEC's website at www.sec.gov or by contacting Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282-2198, Attention: Prospectus Department, Telephone: 866-471-2526, Email: Prospectus-ny@ny.email.gs.com, Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, or Baird, 777 East Wisconsin Avenue, Milwaukee, WI 53202, Attention: Syndicate Department, Telephone: 800-792-2473, Email: syndicate@rwbaird.com. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these 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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statements included in this press release, other than statements that are purely historical, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "could," "potential," "continue" or similar terminology. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements.

These risks and uncertainties include, but are not limited to: the company's ability to submit proposals for and/or win all potential opportunities in their pipeline; the company's ability to retain and renew existing contracts; the company's ability to compete with other companies in their market; security breaches, cyber-attacks or cyber intrusions, and other disruptions to their information technology and operation; their mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining their reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which they conduct their business; changes in U.S. or international government defense budgets; government regulations and compliance therewith, including changes to the Department of Defense procurement process; changes in technology; the company's ability to protect their intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination, claims and concerns; delays in completion of the U.S. government budget; the company's success in extending, deepening, and enhancing their technical capabilities; the company's success in expanding their geographic footprint or broadening their customer base; the company's ability to realize the full amounts reflected in their backlog; impairment of goodwill; misconduct of the company's employees, subcontractors, agents, prime contractors and business partners; the company's ability to control costs; the company's level of indebtedness; terms of the company's credit agreements; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities; the company's subcontractors' performance; economic and capital markets conditions; the company's ability to maintain safe work sites and equipment; the company's ability to retain and recruit qualified personnel; the company's ability to maintain good relationships with their workforce; the company's teaming relationships with other contractors; changes in the company's accounting estimates; the adequacy of the company's insurance coverage; volatility in the company's stock price; changes in the company's tax provisions or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems post-merger; changes in generally accepted accounting principles; and other factors described in the company's reports filed on Form 10-K, 10-Q and 8-K, and other filings the company files with the SEC from time to time. V2X undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

V2X, Inc.
Mike Smith
Vice President, Treasury, Corporate Development and Investor Relations
1-719-637-5773
IR@goV2X.com

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SOURCE V2X, Inc.

FAQ

What is the price per share for V2X's secondary offering?

The secondary offering of V2X (NYSE: VVX) common stock is priced at $48.00 per share.

When is the expected closing date for V2X's secondary offering?

The secondary offering for V2X (NYSE: VVX) is expected to close on or about September 6, 2024, subject to customary closing conditions.

Will V2X receive any proceeds from this secondary offering?

No, V2X (NYSE: VVX) is not selling any shares of common stock in this offering and will not receive any proceeds from the offering by the selling stockholder.

Who are the joint book-running managers for V2X's secondary offering?

Goldman Sachs & Co. , Morgan Stanley, and Baird are serving as joint book-running managers for V2X's (NYSE: VVX) secondary offering.