Force Protection wants Nasdaq listing
Ladson-based defense contractor’s shares went public in August
By BEN WERNER
bwerner@thestate.com
Force Protection has armored vehicles the military wants — and now it has stock it thinks investors want.
The Ladson-based defense contractor’s first public offering was in August, but now the company wants to better facilitate stock trades by having its shares listed on the Nasdaq exchange.
Force Protection shares, FRPT, now are quoted on the over-the-counter bulletin board.
The move to Nasdaq from having its stock listed on the over-the-counter exchange would create an increased visibility for the company and could open up larger lines of credit.
“If approved, we believe Force Protection will gain access to a broader institutional investor market, enhance its financing flexibility and provide greater liquidity for its shareholders,” said company chairman Frank Kavanaugh.
Force Protection already meets the financial requirements of being listed on the Nasdaq exchange, officials said, but it needs to work out some issues regarding its corporate board.
Ultimately, the increased access to capital would help as the company tries to match what has become a surging demand for its vehicles.
As the U.S. military continues fighting insurgents in Iraq and Afghanistan, Force Protection’s sales have skyrocketed.
For 2006, the company expects sales to top $200 million, compared to the $49.7 million reported last year.
Looking at 2007, the company is hoping to report another significant increase in sales, thanks to the popularity of its vehicles. A week ago, the Marine Corps. sent an indefinite delivery order to Force Protection, worth up to $214 million.
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