BUZZ-Defense firm V2X drops as sponsor seeks exit

Morgan Stanley
V2X Inc

Morgan Stanley

MS

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V2X Inc

VVX

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** Aerospace and defense contractor V2X Inc VVX.N shares down 3.2% in extended trading to $82 after secondary offering news

** Reston, Virginia-based co says Vertex Aerospace Holdco, which is run by private equity firm American Industrial Partners, to part with ~2 mln shares

** Post offering, Vertex Aerospace will no longer own any VVX stock. But an entity affiliated with Vertex Aerospace will continue to own 375,420 shares, or about 1.2% of co's total shares outstanding

** Morgan Stanley sole underwriter for offering

** VVX shares on Thurs ended down 1.5% at $75.40, trimming YTD gain to 38%. Stock hit record intraday high of $78.36 on Tues

** Of 12 analysts covering the stock, recommendation breakdown is 8 "strong buy" or "buy", 2 "hold" and 2 "sell"; median PT $78.50, per LSEG data