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CHANTILLY, Va. - Amentum Holdings, Inc. (NYSE: AMTM), a global engineering and technology solutions provider, has announced a secondary underwritten public offering of 19,464,174 shares of its common stock. The announcement comes as the company’s stock shows recent momentum with an 8.4% gain over the past week, though trading significantly below its 52-week high of $34.50. According to InvestingPro analysis, the stock appears undervalued at current levels. Notably, Amentum itself is not selling any shares and will not receive proceeds from this offering.
The event is centered around a debt-for-equity exchange involving a subsidiary of Jacobs Solutions Inc. (NYSE: J), which will exchange the aforementioned Amentum shares for indebtedness held by an affiliate of BofA Securities, Inc. This affiliate is also referred to as the Selling Shareholder in this transaction.
Upon successful completion of the exchange, the Selling Shareholder plans to sell the shares to underwriters. Post-offering, Jacobs will no longer have ownership in Amentum’s common stock, except for potential shares tied to escrow release dependent on meeting certain performance milestones related to the merger of Jacobs’ Critical Mission Solutions and Cyber & Intelligence businesses with Amentum Parent Holdings LLC.
The underwriting group for this offering includes BofA Securities, J.P. Morgan, Morgan Stanley, BNP Paribas, and TD Cowen. The offering is contingent on the effectiveness of a registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC), which is currently pending.
Amentum is recognized for its work with the United States and allied governments, tackling complex challenges across science, security, and sustainability sectors. The company boasts a workforce of over 53,000 employees operating in around 80 countries.
This news is based on a press release statement and is not an offer to sell or a solicitation of an offer to buy securities. The sale of these securities will not be lawful in any jurisdiction where such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
In other recent news, Amentum Holdings Inc. has released its unaudited pro forma financials for the fiscal year ending September 27, 2024. This filing with the U.S. Securities and Exchange Commission provides an adjusted view of the company’s performance, though specific details about the adjustments were not disclosed. Amentum has also secured a significant $822.7 million contract with NASA to provide operational support and advanced technologies at two key facilities. This eight-year contract, known as the Consolidated Operations, Services, and Maintenance Infrastructure Contract (COSMIC), will enhance operations at the Stennis Space Center and Michoud Assembly Facility.
Additionally, during its recent Annual Meeting of Stockholders, Amentum elected its board of directors and ratified Ernst & Young LLP as its independent auditor for fiscal year 2025. The shareholders approved an advisory resolution on executive compensation, indicating strong support for the company’s leadership. On the analyst front, Raymond James maintained its Outperform rating on Amentum with a price target of $30, highlighting the company’s robust fiscal year 2025 start and solid business development. Truist Securities also reiterated its Buy rating with a $31 target, citing Amentum’s favorable first-quarter results and potential for long-term growth due to new government initiatives. These developments underscore Amentum’s strategic initiatives and expansion efforts, which are seen as positive indicators for its future performance.
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