Atlas Air To Sell 5.3M Shares In Public Offering

PURCHASE, N.Y. (AP) — Air cargo company Atlas Air Worldwide Holdings Inc. said Monday that it will sell around 5.3 million common shares in a public offering subject to market conditions.

The stock sank $5.38, or 15 percent, to $30.09 in midday trading. Over the past 52 weeks the stock has traded between $8.99 and $37.97.

The company expects to offer underwriters the option to buy an additional 787,500 shares to cover overallotments.

Atlas Air said it will use the net proceeds from the offering for general needs including funding of capital expenditures, potential acquisitions or other transactions.

Morgan Stanley & Co. and Goldman, Sachs & Co. will serve as the joint bookrunning managers for the offering. BB&T Capital Markets and Stephens Inc. will serve as co-managers.

Earlier, Atlas Air reported sharply higher third-quarter profit Monday, helped by stronger demand and reduced costs.