Heavy truck equipment supplier Commercial Vehicle Group Inc. said Friday it expects its public offering of 3.8 million shares at $6.25 a share will result in proceeds of at least $22 million, after expenses.
The company plans to use the proceeds from the offering for general corporate and working capital expenses.
The expected proceeds figure does not include the exercise of an overallotment option of 570,000 shares being offered to the underwriters.
Robert W. Baird & Co. is underwriting the offering.
The price of the new shares is 6.4 percent below Thursday's closing price of $6.68 for existing shares. Commercial Vehicle shares rose 3 cents to $6.71 in midday trading Friday.
Commercial Vehicle Group makes suspension seat systems, interior instrument and door panels, mirrors, wiper systems, electronic wiring harness assemblies and controls and switches specifically designed for commercial vehicles.
