DETROIT — American Axle & Manufacturing Holdings has agreed to sell 14 million shares of its common stock pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission in a previously announced public offering. The common stock is being offered at a price to the public of $7.20 per share for total gross proceeds of approximately $100.8 million.
The company also granted to the underwriters for the offering a 30-day option to purchase up to 2.1 million additional shares of common stock to cover over-allotments, if any. The issuance of the common stock is expected to close on Dec. 15.
The company plans to use the net proceeds from this offering for general corporate purposes.
J.P. Morgan and BofA Merrill Lynch are serving as the joint book-runners for the common stock offering.
