EDGEWOOD, N.Y., Oct. 17, 2018 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (NYSE American: CVU) today announced the pricing of its underwritten public offering of 2,400,000 shares of its common stock at a price to the public of $6.25 per share. In addition, CPI Aero has granted the underwriters of the offering a 30-day option to purchase up to 360,000 additional shares of its common stock to cover overallotments, if any. The offering is subject to customary closing conditions and is expected to close on October 19, 2018.

Net proceeds from the offering are expected to be approximately $13,980,000, after deducting underwriting discounts and commissions and estimated offering expenses payable by CPI Aero, but excluding any exercise of the underwriters’ option to purchase additional shares of common stock. CPI Aero intends to use the net proceeds for general corporate purposes, which may include working capital, capital expenditures, debt repayment, or strategic acquisitions.

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.