NEW YORK (AP) — Atlas Air Worldwide Holdings Inc. said Thursday that it will lower the number of shares in its planned public offering and price them at $25.75 each.
The air freight company said it will now offer 4 million common shares and give underwriters a 30-day option to buy up to 600,000 additional shares.
The Purchase, N.Y., company had said Monday it would sell up to 5.3 million shares and give underwriters the chance to sell 787,500 more.
Atlas Air expects the offer to close on Tuesday.
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The company expects $98.1 million in net proceeds, assuming underwriters don't exercise their option. It says it will use the money to fund capital investments, possible acquisitions or other deals.
The stock gained 63 cents, or 2.4 percent, to $26.52 in midday trading.