Jason Industries Announces Preferred Stock Exchange
January 23 2018 - 4:30PM
Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the "Company"
or "Jason") today announced the completion of an exchange
transaction in which the Company entered into Preferred Stock
Exchange Agreements (the “Agreements”) with certain holders of its
8.0% Series A Convertible Perpetual Preferred Stock (the “Preferred
Stock”). In connection with the Agreements, the Company exchanged
1,395,640 shares of the Company’s common stock for 12,136 shares of
Preferred Stock.
The shares of Preferred Stock exchanged with the Company under
the Agreements had an aggregate liquidation preference of
$12,136,000, representing 24.4% of the Company’s outstanding
Preferred Stock. With the completion of the exchange transaction,
the Company has 27,362,021 common shares issued and outstanding,
and 37,529 shares of Preferred Stock outstanding.
“We are pleased to complete this exchange transaction with a
number of our preferred shareholders, which takes another step
toward reducing our capital structure
complexity. Simplification will continue to be a core tenet
throughout our organization and we look forward to ongoing
execution of projects in all aspects of our business,” said Brian
Kobylinski, chief executive officer of Jason.
About Jason Industries, Inc.The Company is the
parent company to a global family of manufacturing leaders within
the finishing, components, seating, and automotive acoustics
markets, including Osborn (Richmond, Ind. and Burgwald, Germany),
Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), and
Janesville Acoustics (Southfield, Mich.). Headquartered in
Milwaukee, Wis., Jason employs more than 4,200 people in 13
countries.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “guidance,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward-looking statements include projected financial information.
Such forward-looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
Company’s businesses are based on current expectations that are
subject to risks and uncertainties. A number of factors could cause
actual results or outcomes to differ materially from those
indicated by such forward-looking statements. Such factors include,
but are not limited to, the level of demand for the Company’s
products; competition in the Company’s markets; the Company’s
ability to grow and manage growth profitably; the Company’s ability
to access additional capital; changes in applicable laws or
regulations; the Company’s ability to attract and retain qualified
personnel; the possibility that the Company may be adversely
affected by other economic, business and/or competitive factors;
and other risks and uncertainties identified in the Company’s most
recent Annual Report on Form 10-K, as such may be amended or
supplemented by subsequent Quarterly Reports on Form 10-Q or other
reports filed with the Securities and Exchange Commission.
The forward-looking statements contained in this press release
are based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances. As you review and
consider this press release, you should understand that these
statements are not guarantees of performance or results. They
involve risks, uncertainties (some of which are beyond our control)
and assumptions. Although we believe that these forward-looking
statements are based on reasonable assumptions, you should be aware
that many factors could affect our actual results and cause them to
differ materially from those anticipated in the forward-looking
statements.
Any forward-looking statement made by us in this press release
speaks only as of the date on which we make it. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Contact Information:Investors: Rachel
Zabkowicz414.277.2007investors@jasoninc.com
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