ARC Group Worldwide Announces Closing of Rights Offering for Gross Proceeds of $10.0 Million
February 28 2018 - 4:01PM
ARC Group Worldwide, Inc. (“ARC” or the “Company”)
(NASDAQ:ARCW), a leading global provider of advanced manufacturing
and metal 3D printing solutions, today announced that its rights
offering of common shares closed today, raising gross proceeds of
$10.0 million, before payment of expenses, through the issuance of
5,000,000 shares of common stock at $2.00 per share. This
includes 3,257,645 shares issued to Everest Hill Group, ARC’s
largest shareholder, upon exercise of its basic subscription rights
and backstop purchase agreement. After giving effect to the
rights offering, Everest Hill Group will own approximately 52.9% of
the outstanding share of the Company’s common stock.
Brian Knaley, ARC’s CFO, stated, “Proceeds from the rights
offering will provide us additional working capital for our general
corporate purposes. The completed transaction demonstrates
continued support by existing and new shareholders for the
Company’s business model and strategic vision.”
The rights offering was made pursuant to ARC’s effective
registration statement on Form S-1 (Reg. No. 333-221967) and
prospectus supplement on file with the U.S. Securities and Exchange
Commission. All of the Company’s SEC filings may be found in
the Investor Relations section of ARC’s website at
www.arcw.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About ARC Group Worldwide, Inc.
ARC Group Worldwide, Inc. is a global advanced
manufacturing and metal 3D printing service provider focused on
accelerating speed to market for its customers. ARC provides
a holistic set of precision manufacturing solutions, from design
and prototyping through full run production. These solutions
include metal injection molding, metal 3D printing, metal stamping,
plastic injection molding, clean room injection molding,
thixomolding, and rapid and conformal tooling. Further, ARC
utilizes technology to improve automation in manufacturing through
robotics, software and process automation, and lean manufacturing
to improve efficiency.
Forward Looking StatementsThis press release
may contain “forward-looking” statements as defined in the Private
Securities Litigation Reform Act of 1995, which are based on ARC’s
current expectations, estimates and projections about future
events. These include, but are not limited to, statements, if
any, regarding business plans, pro-forma statements and financial
projections, ARC’s ability to expand its services and realize
growth. These statements are not historical facts or
guarantees of future performance, events or results. Such
statements involve potential risks and uncertainties, and the
general effects of financial, economic, and regulatory conditions
affecting our industries. Accordingly, actual results may
differ materially. ARC does not have any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
For further information on risks and uncertainties that could
affect ARC’s business, financial condition and results of
operations, readers are encouraged to review Item 1A. – Risk
Factors and all other disclosures appearing in ARC’s Form 10-K/A
for the fiscal year ended June 30, 2017, and the Risk Factors set
forth in the final prospectus for the Rights Offering, as well as
other documents ARC files from time to time with the Securities and
Exchange Commission.
PHONE: (303) 467-5236Email:
InvestorRelations@arcw.com
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