Gilat Satellite Networks Ltd. announced Nov. 21 that it and a selling stockholder plan to sell 7 million ordinary shares of stock in an underwritten public offering.

In a registration statement to the Securities and Exchange Commission (SEC), the company planned to sell up to 4,666,667 with up to 2,333,333 ordinary shares offered by York Capital Management LLC. An option was granted for the underwriters to buy up to 350,000 more ordinary shares from the company, and up to 700,000 ordinary shares from York to cover any over-allotments.

Gilat expects to use the proceeds from the offering for general corporate purposes, including working capital.