SPX Technologies Seeks $500M via Public Stock Offering

SPX Technologies plans to raise $500M through a public offering of common stock and grant underwriters an option to purchase an additional $75M in shares. The move aims to strengthen the company's financial position and potentially fund future acquisitions or investments. As a finance expert with experience at Bloomberg, I would advise investors to monitor the stock market closely for any developments related to this offering.

Charlotte, NC — SPX Technologies, Inc. (NYSE: SPXC), a diversified global supplier of highly engineered products and technologies, has announced plans to raise $500 million through an underwritten public offering of its common stock. The company also intends to grant underwriters a 30-day option to purchase up to an additional $75 million in shares. The offering is subject to market conditions and the final terms will be disclosed in a final prospectus supplement to be filed with the U.S. Securities and Exchange Commission (SEC).

The public offering is being managed by BofA Securities, J.P. Morgan, and Wells Fargo Securities, who are acting as joint book-running managers, along with TD Cowen and Truist Securities. The shares are being offered pursuant to an effective automatic shelf registration statement previously filed with the SEC. Investors can obtain a preliminary prospectus supplement and the accompanying prospectus from the respective underwriters or through the SEC’s website.

SPX Technologies aims to strengthen its financial position and potentially fund future acquisitions or investments. The company, based in Charlotte, North Carolina, has over 4,300 employees in over 16 countries and is listed on the New York Stock Exchange under the ticker symbol “SPXC.”

The announcement comes amidst robust data center demand and product expansion, with SPX Technologies projecting 18% EBITDA growth for 2025. The company's forward-looking statements, however, are subject to substantial risks and uncertainties, including fluctuations in stock price and changes in market conditions. Investors are advised to monitor the stock market closely for any developments related to this offering.

References:
[1] https://finance.yahoo.com/news/spx-announces-proposed-public-offering-204600583.html
[2] https://seekingalpha.com/news/4483529-spx-technologies-announces-500m-public-offering-of-common-stock