V2X, Inc. (NYSE:VVX), a company specializing in facilities support management services, announced today that the underwriters of its recent stock offering have fully exercised their option to purchase additional shares. This move comes after the initial public offering of 2,000,000 common shares by Vertex (NASDAQ:VRTX) Aerospace Holdco LLC, the selling stockholder, was completed on September 4, 2024.
On Wednesday, the underwriters, led by Goldman Sachs & Co (NYSE:GS). LLC, Morgan Stanley & Co (NYSE:MS). LLC, and Robert W. Baird & Co. Incorporated, opted to acquire an additional 300,000 shares, known as the Option Shares. The sale of these shares was finalized today, with all the Option Shares being sold by the Selling Stockholder.
V2X, Inc. has clarified that it will not receive any proceeds from the sale of the Option Shares, as the offering was made solely by the Selling Stockholder. The offering was conducted under the company's automatic shelf registration statement on Form S-3 (File No. 333-267223), which was declared effective by the Securities and Exchange Commission on September 12, 2022, and was accompanied by a related prospectus supplement dated September 4, 2024.
The exercise of the option and the closing of the additional share sale mark the completion of this phase of the company's capital-raising activities. V2X, Inc., formerly known as Vectrus (NYSE:VVX), Inc., operates out of McLean, Virginia, and is incorporated in Indiana. The company's fiscal year ends on December 31.
This financial move by V2X, Inc. and the subsequent exercise of the option by the underwriters is based on information provided in a press release statement.
In other recent news, V2X, Inc. has reported significant developments. The company has secured a $747 million contract from the U.S. Navy for F-5 adversary aircraft support. Additionally, V2X has been awarded a $3.7 billion task order to enhance the U.S. Army's training capabilities globally. These contracts underscore V2X's expertise in the defense industry and its ongoing contribution to operational excellence.
Recently, V2X disclosed the launch of a secondary public offering of 2,000,000 shares of common stock by a selling stockholder. Goldman Sachs & Co. LLC, Morgan Stanley, and Baird are acting as the joint book-running managers for the offering. The completion of the offering is contingent upon market conditions.
In terms of financial performance, V2X reported a substantial increase in Q2 revenue for 2024, reaching a record $1.1 billion, a 10% rise from the previous year. This robust performance has led to raised revenue guidance for the year, now expected to be between $4.175 billion and $4.275 billion.
The company's total backlog is strong at $12.2 billion, and it has successfully repriced and extended its term loan B, saving $5 million in cash interest expense for the year.
Despite certain programs winding down, V2X anticipates growth in backlog, particularly in the third and fourth quarters, driven by awards and global footprint.
The company also expects to add approximately $300 million of annual revenue over the next few years. However, while margins are expected to improve later in the year, they are not projected to reach 8% in 2025.
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