RADA Electronic Industries Of Netanya Prices IPO At $1.23/shr

(RTTNews) - RADA Electronic Industries of Netanya, Israel (RADA) announced that it has priced a public offering of 6.91 million of its ordinary shares at a price to the public of $1.23 per share.

The company has also granted to the underwriters of the offering an option to purchase from it up to an additional 1.04 million of its ordinary shares to cover over-allotments in connection with the offering.

The company anticipates that the net proceeds of this offering will be used for the repayment of debt and the payment to an affiliate of the Company's controlling shareholder for expenses incurred in the course of financing negotiations. None of the Company's management, employees, affiliates or other shareholders are selling securities in this offering.