Keith Cos. Readies Secondary Offering

Engineering and consulting firm Keith Cos. said Wednesday that it has priced a secondary offering of 2 million shares at $16 each to raise $32 million.

The Costa Mesa company said in a press release that it expects net proceeds of about $26.3 million and that selling shareholders will receive $3.8 million after costs.

Keith Cos. will use the proceeds for general corporate purposes, including working capital, possible acquisitions and repayment of debt. Wedbush Morgan Securities Inc. and Janney Montgomery Scott LLC managed the offering.

Keith stock lost 9 cents Wednesday to close at $16.51 a share on Nasdaq.