- 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.
Spirit AeroSystems To Lay Off Hundreds As Boeing Struggles with Production
Spirit AeroSystems Holdings Inc (NYSE:SPR) is laying off 400-450 employees at its Wichita, Kansas factory due to a production slowdown at Boeing Co (NYSE: BA). The facility, central to ongoing quality issues with the 737 MAX jets, employs about 13,000 workers. Recent delays in Boeing's acquisition of Spirit have compounded these challenges, affecting the production of parts for Airbus aircraft as well.
