Simpson Thacher represented the underwriters, led by Morgan Stanley & Co. LLC, in connection with the registered follow-on offering by Frequency Electronics, Inc. (“Frequency Electronics”) and certain selling stockholders of an aggregate of 1,739,131 shares of common stock of Frequency Electronics. The offering raised $100 million in gross proceeds. Frequency Electronics intends to use the net proceeds to fund additional growth opportunities, including for capital expenditures, working capital and other general corporate purposes.
Frequency Electronics is a world leader in precision time and frequency generation technology, which is incorporated into commercial and U.S. Government satellites, Command, Control, Communication, Computer, Intelligence, Surveillance and Reconnaissance, and Electronic Warfare systems.
The Simpson Thacher team for the transaction included Evan Zuckerman, Dave Azarkh, Jeryne Fish and Cindy Yao (Capital Markets); Michael Mann and Paul Jansch (Tax); George Gerstein and Christopher Torikoglu (Executive Compensation and Employee Benefits); Ron Ben-Yehuda and Tally Smitas (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky). Summer Associates Mayur Patel and Tinni Mukherjee provided invaluable assistance.