The offer price represents a 12.5% discount to the company’s closing price as of September 20, 2023.

Transcat expects the net proceeds from this offering to be approximately $65.2 million, after deducting underwriting discounts and commissions and estimated offering expenses.

The company intends to use the net proceeds from this offering to repay its credit facility with Manufacturers and Traders Trust Company, for working capital, and other general corporate purposes.

Transcat has granted the underwriters a 30-day option to purchase up to 110,526 additional shares of its common stock.

The offering is expected to close on or about September 25, 2023, subject to the satisfaction of customary closing conditions.

Oppenheimer & Co. is acting as sole book-running manager for the offering.

Price Action: TRNS shares are trading lower by 9.87% at $97.94 on the last check Thursday.