- Affiliates of Eldridge Industries LLC intend to sell a total of 13.5 million shares of LSB Industries, Inc. (NYSE:LXU) in a secondary offering. The company is not selling any shares.
- The company filed an automatic shelf registration statement relating to the offering with the SEC on March 28, 2022, which became effective upon filing.
- The selling stockholders intend to grant the underwriters a 30-day option to purchase up to an aggregate of 1.2 million additional shares of the company’s common stock.
- LSB Industries plans to repurchase from the underwriters 5.5 million shares being sold in the offering and intends to fund it with cash on hand.
- As of June 30, 2022, LSB Industries held $450.8 million in cash and equivalents.
- LSB Industries Board recently authorized an increase in the size of the previously announced $50 million stock repurchase program implemented in May 2022. The company may now repurchase up to $100 million of its common stock, of which $85 million remains available.
- Price Action: LXU shares are trading lower 11.17% at $13.60 on the last check Wednesday.
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