CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) announced today it is confirming the below calendar for its proposed rights offering (“rights offering”). Ampco-Pittsburgh is planning to commence the rights offering to raise up to $20 million of capital to accelerate its restructuring efforts, improve its overall liquidity, reduce its indebtedness, and for other general corporate purposes.
The rights offering will be made through a dividend in the form of non-transferable subscription rights to purchase one unit, consisting of shares of common stock (the “Common Shares”) and warrants to purchase Common Shares, per each share of common stock owned on the record date at an exercise price to be determined. The dividend of the subscription rights must be settled within two business days of the transaction date. So, to be considered a shareholder of record, you must own the stock in your brokerage account as of 4:00 PM ET on Thursday, August 13, 2020, which is two trading days before the record date of Monday, August 17, 2020.
The proposed rights offering will also include an over-subscription privilege, which will entitle each rights holder that exercises all its basic subscription privileges in full the right to purchase additional units that remain unsubscribed at the expiration of the rights offering. Both the basic and over-subscription privileges are subject to the availability and pro-rata allocation of shares among participants. All basic subscription rights and over-subscription privileges may be exercised during the subscription period of Tuesday, August 18, 2020, through 5:00 PM ET, Wednesday, September 16, 2020, on a pro-rata basis. The Corporation may extend the offering up to an additional 45 days, at its sole discretion, in which case the offering would continue with subscriptions on a first-in, first-served basis, calculated daily, with the potential for pro-rata allocation of shares among participants subscribing on the last day the offering remains open.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.
