Ampco-Pittsburgh (NYSE: AP) recently reported that its previously announced rights offering expired on Friday, Sept. 18, 2020, at 5 p.m. ET. Consequently, these rights are no longer exercisable. The company also announced that the offering was 97% subscribed, with subscriptions obtained through the offering totaling approximately 12.3 million units. The total amount raised through the offering reached approximately $19.3 million in gross proceeds. The results of the rights offering and the aggregate gross proceeds of the rights offering are subject to finalization and verification by its subscription agent with DTC. In addition, Ampco-Pittsburgh announced that it expects the closing of the rights offering to occur on or about Tuesday, Sept. 22, 2020; that date is subject to satisfaction or waiver of all conditions to closing. At official closing, the subscription agent will distribute Common Shares and Series A warrants to holders of rights who have validly exercised their rights and paid the subscription price in full.
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About Ampco-Pittsburgh Corp.
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, Ampco-PIttsburgh is a leading producer of forged and cast rolls for the global steel and aluminum industry. The company 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, and Slovenia, as well as 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. For more information about the company, visit www.Ampcopgh.com.
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