Ampco-Pittsburgh Corporation Announces Postponement of Proposed Rights Offering
05 November 2018 - 2:35PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announced today that it
is postponing a proposed rights offering to its shareholders due to
an improvement in the financial condition of the Corporation and
due to current market conditions.
Remarking on this decision, Brett McBrayer, Ampco-Pittsburgh’s
Chief Executive Officer said, “The proposed rights offering remains
an option we’re considering; however, the current share price makes
this option less compelling. We may elect to move forward with the
offering if market conditions improve. Considering the proceeds
from our recently announced real estate financing transaction and
the divestiture of one of our non-core divisions, the Corporation’s
liquidity position has significantly improved. Our current
restructuring activities will further strengthen our financial
position. Although the first round of these initiatives will
continue throughout 2019, we expect positive benefits as each
action concludes.”
A registration statement relating to the securities to be issued
in the rights offering has been filed with the U.S. Securities and
Exchange Commission but has not yet become effective. The
information in the registration statement is not complete and may
be changed. These securities may not be sold nor may offers be
accepted prior to the time the registration statement becomes
effective. This announcement is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating subsidiary,
Union Electric Steel Corporation, is a leading producer of forged
and cast rolls for the worldwide steel and aluminum industries, as
well as ingot and open die forged products for the oil and gas,
aluminum, and plastic extrusion industries. Ampco-Pittsburgh 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. The Corporation operates
manufacturing facilities in the United States, Canada, United
Kingdom, Sweden, Slovenia, and China. Sales offices are located in
North and South America, Asia, Europe, and the Middle East.
Corporate headquarters is located in Carnegie, Pennsylvania.
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by or on
our behalf. This news release may contain forward-looking
statements that reflect our current views with respect to future
events and financial performance. All statements in this document
other than statements of historical fact are statements that are,
or could be, deemed forward-looking statements within the meaning
of the Act. In this document, statements regarding future financial
position, sales, costs, earnings, cash flows, other measures of
results of operations, capital expenditures or debt levels and
plans, objectives, outlook, targets, guidance or goals are
forward-looking statements. Words such as “may,” “intend,”
“believe,” “expect,” “anticipate,” “estimate,” “project,”
“forecast” and other terms of similar meaning that indicate future
events and trends are also generally intended to identify
forward-looking statements. Forward-looking statements speak only
as of the date on which such statements are made, are not
guarantees of future performance or expectations, and involve risks
and uncertainties. For Ampco-Pittsburgh, these risks and
uncertainties include, but are not limited to, those described
under Item 1A, Risk Factors, of Ampco-Pittsburgh’s Annual Report on
Form 10-K. In addition, there may be events in the future that we
are not able to predict accurately or control which may cause
actual results to differ materially from expectations expressed or
implied by forward-looking statements. Except as required by
applicable law, we assume no obligation, and disclaim any
obligation, to update forward-looking statements whether as a
result of new information, events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181105005491/en/
Ampco-Pittsburgh CorporationMichael G. McAuley,
412-429-2472Senior Vice President, Chief Financial Officer and
Treasurermmcauley@ampcopgh.com
Ampco Pittsburgh (NYSE:AP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Ampco Pittsburgh (NYSE:AP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024