April 7, 2010 (FinancialWire) — CPI Aerostructures, Inc. (AMEX: CVU) said that it has sold 500,000 shares of common stock at a sale price of $7.80 per share, after the closing of a “registered direct” offering primarily to institutional investors.

The company said that the gross proceeds of the offering were $3.9 million and net proceeds, after deducting the placement agent’s fee and estimated offering expenses payable by CPI Aero, were around $3.5 million.

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

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