COLUMBUS, Ohio, Dec. 11, 2020 /PRNewswire/ -- Core Molding
Technologies, Inc. (NYSE American: CMT) ("Core Molding", "Core" or
the "Company") announced today that it has filed a shelf
registration statement on Form S-3 with the Securities and Exchange
Commission (the "SEC"). When declared effective by the SEC,
the shelf registration statement will allow the Company to raise
capital from time to time, up to an aggregate of $50 million through the sale of common and
preferred stock, debt securities, warrants, depositary shares,
rights and units and any combination of the foregoing.
Specific terms and prices would be determined at the time of
each offering under a separate prospectus supplement, which would
be filed with the SEC at the time of the offering. The shelf
registration statement replaces the shelf registration statement on
Form S-3 originally filed with the SEC on November 14, 2017 which has expired.
The registration statement on Form S-3 filed with the SEC has
not yet become effective. Securities may not be sold nor may offers
to buy be accepted prior to the time that the registration
statement becomes effective. This press release does not constitute
an offer to sell, or the solicitation of an offer to buy
securities, nor shall there be any sale of securities in any state
or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification of the
securities under the securities laws of that state or jurisdiction.
Any offer of securities covered by the registration statement will
be made solely by means of a prospectus included in the
registration statement and a prospectus supplement with respect to
such offering.
About Core Molding Technologies, Inc.
Core Molding Technologies and its subsidiaries operate in the
composites market as one operating segment as a molder of
thermoplastic and thermoset structural products. The Company's
operating segment consists of two component reporting units, Core
Traditional and Horizon Plastics. The Company offers customers a
wide range of manufacturing processes to fit various program volume
and investment requirements. These processes include compression
molding of sheet molding compound ("SMC"), bulk molding compounds
("BMC"), resin transfer molding ("RTM"), liquid molding of
dicyclopentadiene ("DCPD"), spray-up and hand-lay-up, glass mat
thermoplastics ("GMT"), direct long-fiber thermoplastics ("D-LFT")
and structural foam and structural web injection molding ("SIM").
Core Molding Technologies serves a wide variety of markets,
including the medium and heavy-duty truck, marine, automotive,
agriculture, construction, and other commercial products. The
demand for Core Molding Technologies' products is affected by
economic conditions in the United
States, Mexico, and
Canada. Core Molding Technologies'
manufacturing operations have a significant fixed cost component.
Accordingly, during periods of changing demand, the profitability
of Core Molding Technologies' operations may change proportionately
more than revenues from operations.
This press release may contain forward-looking statements
within the meaning of the federal securities laws. As a general
matter, forward-looking statements are those focused upon future
plans, objectives or performance as opposed to historical items and
include statements of anticipated events or trends and expectations
and beliefs relating to matters not historical in nature. Such
forward-looking statements involve known and unknown risks and are
subject to uncertainties and factors relating to Core Molding
Technologies' operations and business environment, all of which are
difficult to predict and many of which are beyond Core Molding
Technologies' control. Words such as "may," "will," "could,"
"would," "should," "anticipate," "predict," "potential,"
"continue," "expect," "intend," "plans," "projects," "believes,"
"estimates," "encouraged," "confident" and similar expressions are
used to identify these forward-looking statements. These
uncertainties and factors could cause Core Molding Technologies'
actual results to differ materially from those matters expressed in
or implied by such forward-looking statements.
Core Molding Technologies believes that the following
factors, among others, could affect its future performance and
cause actual results to differ materially from those expressed or
implied by forward-looking statements made in this report: business
conditions in the plastics, transportation, marine and commercial
product industries (including changes in demand for truck
production); federal and state regulations (including engine
emission regulations); general economic, social, regulatory
(including foreign trade policy) and political environments in the
countries in which Core Molding Technologies operates; the adverse
impact of coronavirus (COVID-19) global pandemic on our business,
results of operations, financial position, liquidity or cash flow,
as well as impact on customers and supply chains; safety and
security conditions in Mexico and
Canada; dependence upon certain
major customers as the primary source of Core Molding Technologies'
sales revenues; efforts of Core Molding Technologies to expand its
customer base; the ability to develop new and innovative products
and to diversify markets, materials and processes and increase
operational enhancements; the actions of competitors, customers,
and suppliers; failure of Core Molding Technologies' suppliers to
perform their obligations; the availability of raw materials;
inflationary pressures; new technologies; regulatory matters; labor
relations; labor availability; the loss or inability of Core
Molding Technologies to attract and retain key personnel; the
Company's ability to successfully identify, evaluate and manage
potential acquisitions and to benefit from and properly integrate
any completed acquisitions; federal, state and local environmental
laws and regulations; the availability of capital; the ability of
Core Molding Technologies to provide on-time delivery to customers,
which may require additional shipping expenses to ensure on-time
delivery or otherwise result in late fees and other customer
charges; risk of cancellation or rescheduling of orders;
management's decision to pursue new products or businesses which
involve additional costs, risks or capital expenditures; inadequate
insurance coverage to protect against potential hazards; equipment
and machinery failure; product liability and warranty claims; and
other risks identified from time to time in Core Molding
Technologies' other public documents on file with the Securities
and Exchange Commission, including those described in Item 1A of
the Annual Report on Form 10-K for the year ended December 31, 2019.
Company Contact:
John
Zimmer
Vice President & Chief Financial Officer
614-870-5604
jzimmer@coremt.com
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SOURCE Core Molding Technologies, Inc.