SPX Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

SPX Technologies (NYSE:SPXC) has announced plans for a significant public offering of common stock valued at $500 million. The company will also grant underwriters a 30-day option to purchase up to an additional $75 million of shares.

The offering will be managed by joint book-runners BofA Securities, J.P. Morgan, and Wells Fargo Securities, with TD Cowen and Truist Securities also serving as book-running managers. The offering will be conducted through an effective automatic shelf registration statement previously filed with the SEC.

Positive

• Potential to raise up to $575 million in capital through the offering
• Strong lineup of major financial institutions as underwriters

Negative

• Significant dilution for existing shareholders
• Share price could face downward pressure due to increased supply

CHARLOTTE, N.C., Aug. 11, 2025 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) (“SPX”) announced today that it intends to offer and sell $500 million of shares of its common stock in an underwritten public offering. In addition, SPX intends to grant the underwriters a 30-day option to purchase up to an additional $75 million of shares of its common stock offered in the public offering. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

BofA Securities, J.P. Morgan, and Wells Fargo Securities are acting as joint book-running managers for the proposed offering. TD Cowen and Truist Securities are also acting as book-running managers for the proposed offering.

The shares are being offered by SPX pursuant to an effective automatic shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov, copies of which may be obtained from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department or by emailing dg.prospectus_requests@bofa.com, J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 by emailing prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com, or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or by emailing WFScustomerservice@wellsfargo.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About SPX Technologies, Inc.: SPX is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX has over 4,300 employees in over 16 countries. SPX is listed on the New York Stock Exchange under the ticker symbol “SPXC.”

Cautionary Statement Regarding Forward-Looking Statements: Various statements in this release concerning the timing and completion of the public offering on the anticipated terms or at all may constitute forward- looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws. All such forward-looking statements are based on management’s current expectations of future events and are subject to a number of substantial risks and uncertainties, many of which are outside SPX’s control, that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include fluctuations in SPX’s stock price, changes in market conditions and satisfaction of customary closing conditions related to the public offering, as well as those risks more fully discussed in the section entitled "Risk Factors" in the prospectus supplement and registration statement referenced above, SPX’s Annual Report on Form 10-K for the year ended December 31, 2024, filed February 26, 2025 with the SEC and subsequent filings with the SEC including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. There can be no assurance that SPX will be able to complete the public offering on the anticipated terms. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and SPX undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

Investor Contacts:
Mark A. Carano, Vice President, Chief Financial Officer and Treasurer
Phone: 980.474.3806
Email: spx.investor@spx.com

Source: SPX Technologies

FAQ

What is the size of SPX Technologies' (SPXC) proposed stock offering in 2025?

SPX Technologies is offering $500 million of common stock, with an additional $75 million option for underwriters, potentially totaling $575 million.

Who are the underwriters for SPX Technologies' (SPXC) 2025 stock offering?

The joint book-running managers are BofA Securities, J.P. Morgan, and Wells Fargo Securities, with TD Cowen and Truist Securities also acting as book-running managers.

How long is the underwriters' option period for the SPXC stock offering?

The underwriters have a 30-day option to purchase up to an additional $75 million of shares.

How can investors access the prospectus for SPX Technologies' stock offering?

Investors can access the prospectus through the SEC's website or request copies from the underwriters BofA Securities, J.P. Morgan, or Wells Fargo Securities.

What is the expected impact of SPXC's stock offering on existing shareholders?

The offering will likely result in dilution of existing shareholders' ownership due to the issuance of new shares worth up to $575 million.