April 2, 2010 (FinancialWire) — CPI Aerostructures, Inc. (AMEX: CVU) said it has entered into definitive agreements to sell 500,000 shares of its common stock at $7.80 per share, in a registered direct offering primarily to institutional investors.

The company expects to raise $3.9 million in gross proceeds from the offering, before deducting placement agent fees and other estimated offering expenses. The offering is scheduled to close on April 6, 2010, subject to customary closing conditions.

New York-based CPI Aero CPI Aero is engaged in the contract production of structural and other aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces.

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