EDGEWOOD, N.Y., Oct. 15, 2018 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that CPI Aero intends to offer $12,000,000 of shares of its common stock in an underwritten public offering. CPI Aero also expects to grant to the underwriters a 30-day option to purchase an additional $1,800,000 of shares of common stock to cover overallotments, if any.

CPI Aero intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, capital expenditures, debt repayment, or strategic acquisitions. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Canaccord Genuity LLC is acting as the sole bookrunning manager of the offering. B. Riley FBR, Inc. is acting as the co-manager of the offering.

About CPI Aero 

CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.