Cubic Corporation announced that it has launched a secondary underwritten public offering of 2,400,000 shares of its common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC). All of such shares will be offered and sold by certain shareholders of Cubic, which shareholders are comprised of trusts created by Cubic's founder, Walter J. Zable, who passed away in 2012, and the selling shareholders will receive all of the net proceeds from such offering. The selling shareholders intend to grant the underwriters an option for 30 days to purchase up to 360,000 additional shares. Cubic will not sell any shares in the offering.
Cubic is primarily engaged in the design, development, manufacture, integration, installation, operation, maintenance, and support of technology products and systems. Co. has three primary business segments: transportation systems, which designs, produces, installs and services electronic revenue collection systems for mass transit projects, including railways and buses; defense systems, which performs work under U.S. and foreign government contracts relating to electronic defense systems and equipment; and mission support services, which provides training, operations, intelligence, maintenance, technical and other services to the U.S. government and allied nations.
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