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Ampco-Pittsburgh Company (NYSE: AP) (the “Company” or “Ampco-Pittsburgh”) declared currently the closing of its previously declared legal rights featuring. At closing, the Company delivered up to 5,507,889 shares of the Corporation’s prevalent inventory (the “Frequent Shares”) and 12,339,256 Sequence A warrants for total gross proceeds of $19,278,854, excluding any proceeds that may possibly be obtained by the Corporation from the long term work out of the Collection A warrants.
The rights providing entitled Ampco-Pittsburgh’s rights holders to purchase units consisting of Common Shares and Collection A warrants to buy Frequent Shares, which expire on August 1, 2025.
Rights holders who have participated in the rights supplying will acquire the Prevalent Shares and Collection A warrants in reserve-entry or uncertificated type, or by the facilities of DTC, as relevant. No bodily inventory or warrant certificates will be issued to such holders. Any extra subscription payments acquired by the Corporation’s subscription agent, Broadridge Corporate Issuer Remedies, Inc., will be returned by the subscription agent to investors, with out curiosity or deduction.
The Corporation’s Series A warrants have been authorised for listing on the NYSE American LLC (“NYSE American”) and will begin buying and selling successful at the open up of marketplaces on September 23, 2020, less than the ticker symbol “AP WS”. The Corporation’s Frequent Shares will continue to trade on the New York Stock Trade below the ticker image “AP”.
Ampco-Pittsburgh engaged Advisory Team Fairness Expert services, Ltd. d/b/a RHK Cash to act as supplier-manager for the legal rights supplying. Counsel for Ampco-Pittsburgh was Cozen O’Connor and counsel for RHK Capital was Olshan Frome Wolosky LLP.
The providing was produced pursuant to the Corporation’s registration assertion on Sort S-1 (File No. 333-239446), which was declared helpful by the U.S. Securities and Trade Commission on August 13, 2020. The prospectus relating to and describing the phrases of the legal rights featuring has been filed with the SEC on August 17, 2020, and is readily available on the SEC’s site at www.sec.gov.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Company manufactures and sells very engineered, high-overall performance specialty metal products and custom-made devices used by business throughout the planet. As a result of its operating subsidiary, Union Electric Metal Corporation, it is a major producer of cast and forged rolls for the world wide metal and aluminum field. It also manufactures open up-die solid products that principally are sold to customers in the metal distribution sector, oil and gasoline sector, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing products, primarily custom made-engineered finned tube warmth trade coils, massive personalized air managing techniques, and centrifugal pumps. It operates producing services in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures positioned in China. It has product sales places of work in North and South The united states, Asia, Europe, and the Middle East. Company headquarters is positioned in Carnegie, Pennsylvania.
About RHK Capital
As registered agent of Advisory Team Fairness Solutions, Ltd., the RHK Funds Expense Banking Group presents a wealth of Wall Road experience by our seasoned industry experts for advancement and center current market organizations. We do the job with providers across a spectrum of techniques and sectors to support improve the stability sheet and realize their financial aims. RHK has develop into a foremost boutique financial investment financial institution by developing sturdy associations with our customers and the finance community. We have effectively managed specials for both public and private businesses across several industries with a target on making effects for our clients when preserving the highest stage of integrity.
The Personal Securities Litigation Reform Act of 1995 (the “Act”) gives a risk-free harbor for forward-seeking statements created by or on behalf of the Company. The data contained in this push release might consist of, but are not constrained to, statements about undertaking the rights providing explained herein, working performance, traits, activities that the Corporation expects or anticipates will happen in the potential, statements about product sales and generation ranges, restructurings, the effects from worldwide pandemics (which includes COVID-19), profitability and expected fees and income outflows. All statements in this doc other than statements of historical fact are statements that are, or could be, considered “forward-hunting statements” in the indicating of the Act and terms these as “could,” “intend,” “believe that,” “anticipate,” “anticipate,” “estimate,” “challenge,” “forecast” and other phrases of equivalent indicating that indicate future occasions and trends are also normally intended to discover ahead-looking statements. Ahead-seeking statements communicate only as of the date on which such statements are manufactured, are not ensures of long run performance or expectations and contain pitfalls and uncertainties. For the Company, these risks and uncertainties contain, but are not constrained to: cyclical desire for solutions and economic downturns surplus world capability in the steel marketplace will increase in commodity prices or shortages of key generation elements penalties of world-wide pandemics (together with COVID-19) new trade restrictions and regulatory burdens related with “Brexit” inability of the Company to effectively restructure its operations limitations in availability of money to fund the Corporation’s functions and strategic approach incapability to fulfill the ongoing listing demands of the New York Stock Trade likely assaults on information and facts know-how infrastructure and other cyber-centered business enterprise disruptions and those talked over much more completely in files filed with the SEC by the Corporation, significantly in the prospectus related to the rights providing and in Item 1A, Hazard Aspects, in Component I of the Corporation’s newest once-a-year report on Form 10-K, and Portion II of the Corporation’s Form 10-Q for the quarter finished June 30, 2020. The Company can not guarantee any long term effects, levels of exercise, functionality or achievements. In addition, there may possibly be gatherings in the upcoming that the Corporation may possibly not be in a position to predict correctly or regulate which may perhaps result in genuine outcomes to differ materially from anticipations expressed or implied by ahead-on the lookout statements. Other than as necessary by applicable law, the Company assumes no obligation, and disclaims any obligation, to update ahead-wanting statements no matter if as a outcome of new facts, situations or normally.
Check out resource variation on businesswire.com: https://www.businesswire.com/information/house/20200922006028/en/
Supply: Ampco-Pittsburgh Corporation
Michael G. McAuley
Senior Vice President, Main Economical Officer and Treasurer
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