Leonardo announces the completion of the public offering in the United States by its subsidiary Leonardo US Holding of a minority stake - amounting to 20,700,000 shares of common stock - in Leonardo DRS at an offering price of $17.75 per share. The amount of shares sold includes the 18,000,000 shares of common stock initially offered as well as an additional 2,700,000 shares that were the subject of a full exercise of the purchase option on November 17 by the undersigning banks. All of the shares in the offering were sold by the selling shareholder, and DRS received no proceeds from the offering. Following the completion of the offering, the option to purchase an additional 2,700,000 shares having been fully exercised, the selling shareholder holds approximately 72.3 percent of the issued and outstanding common shares of DRS. Morgan Stanley, BofA Securities and J.P. Morgan acted as joint book-running managers for the proposed offering. Baird, Goldman Sachs & Co. LLC and Trust acted as joint bookrunners for the proposed offering. CJS Securities, on the other hand, acted as co-bookrunners. The common shares under the offering were offered pursuant to a shelf registration statement on Form S-3 with automatic effectiveness, filed by DRS with the Securities and Exchange Commission on November 15.
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