SM&A; Shares on Block
SM&A; Corp. and shareholders, including two executives, plan to sell as many as 5 million shares of common stock, according to documents filed Tuesday with the Securities and Exchange Commission.
The Newport Beach-based company, which helps companies win government contracts, will sell 2.5 million shares. Proceeds from sales of shares by the company itself will be used for general corporate purposes, possibly including strategic acquisitions, SM&A; said.
Chief Executive Officer Steven Myers will sell 1.6 million shares he controls through a trust. Executive Vice President Kenneth Colbaugh will sell 201,097 shares he controls through a trust. Altogether, existing shareholders will sell 2.5 million shares.
Underwriters for the offering will include Donaldson, Lufkin & Jenrette; Lehman Brothers; and Legg Mason Wood Walker Inc.
Shares of the company, which has changed its name from Steven Myers & Associates Inc., fell $1.75 to $24.
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