FreightCar America Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
June 28 2023 - 4:15PM
FreightCar America, Inc. (Nasdaq: RAIL) (the “Company”) announced
today that the Company made an equity inducement grant (“Inducement
Grant”) to Nicholas J. Randall on June 26, 2023, in connection with
Mr. Randall’s appointment as Chief Operating Officer of the
Company. The Inducement Grant is made pursuant to the employment
agreement entered into between the Company and Mr. Randall on May
12, 2023, and in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Grant consists of 300,000 stock
options that are exercisable over a ten-year period, with an
exercise price no less than fair market value of Company common
stock, par value $0.01 per share on the effective date, which will
vest on the later of (i) the first date the closing price of one
share of common stock is equal to or greater than 125% of the
exercise price, and (ii) 1/3 of the options per year on the three
consecutive anniversaries of June 26, 2023.
About FreightCar America
FreightCar America is a diversified manufacturer
of railroad freight cars and aftermarket parts. The Company designs
and builds a broad portfolio of high-quality railcars including
open top hoppers, covered hoppers, articulated intermodal flat and
well cars, specialty and non-intermodal flat cars, mill, aggregate,
and woodchip gondolas, coil steel cars, box cars and coal cars. The
Company also specializes in the conversion of railcars for
repurposed use, along with complete railcar rebody and repair
services. FreightCar America is headquartered in Chicago, Illinois,
with facilities in the following locations: Castaños, Mexico;
Johnstown, Pennsylvania; and Shanghai, People’s Republic of China.
For more information on the Company, visit
www.freightcaramerica.com.
Forward-Looking Statements
This press release may contain statements
relating to our expected financial performance and/or future
business prospects, events and plans that are “forward-looking
statements” as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. Our actual results may differ materially from the results
described in or anticipated by our forward-looking statements due
to certain risks and uncertainties. These potential risks and
uncertainties include, among other things: the cyclical nature of
our business; adverse economic and market conditions; fluctuating
costs of raw materials, including steel and aluminum, and delays in
the delivery of raw materials; our ability to maintain
relationships with our suppliers of railcar components; our
reliance upon a small number of customers that represent a large
percentage of our sales; the variable purchase patterns of our
customers and the timing of completion, delivery and customer
acceptance of orders; the highly competitive nature of our
industry; the risk of lack of acceptance of our new railcar
offerings by our customers; risks relating to the potential
financial and operational impacts of the COVID-19 pandemic; and
other competitive factors. We expressly disclaim any duty to
provide updates to any forward-looking statements made in this
press release, whether as a result of new information, future
events or otherwise.
INVESTOR/MEDIA
CONTACT |
Lisa Fortuna
or Stephen Poe |
E-MAIL |
RAIL@alpha-ir.com |
TELEPHONE |
312-445-2870 |
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