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Cubic shareholders to sell 2.3M shares in offering

SAN DIEGO (AP) -- Cubic Corp. said Thursday that an underwritten public offering of 2.3 million shares of its common stock has priced at $45.75 per share, an 8 cent discount to the San Diego-based electronics company's most recent closing price.

All of the shares are being sold by trusts created by Cubic's founder who died last year. The company will not receive any of the proceeds.

Its shares had closed at $45.83 on Wednesday, and were up 92 cents, or 2 percent, to $46.75 in morning trading Thursday.

The offering's underwriters — J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC — have also been granted a 30-day option to buy up to 347,250 additional shares.

The offering is expected to close on Tuesday.