Ampco-Pittsburgh Corporation (NYSE: AP) Issues Open Letter to Shareholders from CEO
October 06 2020 - 4:29PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation" or
"Ampco-Pittsburgh") announced today that it issued an open letter
to its shareholders to thank those who participated in the recent
equity rights offering and to clarify the terms of the Series A
Warrants. The full text of the letter follows:
Dear Investor,
On behalf of the entire Corporation, I want
to thank you for participating in our recent equity rights
offering. As a result of your actions, we raised $19.3 million in
gross proceeds, which adds immediate value to Ampco-Pittsburgh by
strengthening our balance sheet, reducing our debts, and supporting
capital expenditures that will make a difference to our long-term
cost structure and profitability.
By selecting a rights offering process, we
chose to prioritize you, our current shareholders, with the
opportunity to maintain or increase ownership in the Corporation
while providing us the capital to continue to improve and grow our
business. We thank you for your very tangible support.
With the exercise of your rights, you
received shares of AP common stock as well as Series A warrants to
purchase new shares of AP common stock in the future. You may
exercise each warrant for 0.4464 shares of AP common stock at an
exercise price of $2.5668 per warrant, which equates to a value of
($2.5668/0.4464 =) $5.75 per whole common share.
Since warrants can be complex, we have
prepared a Frequently Asked Questions (FAQ) document to address
common questions on interpreting and exercising your Series A
warrants. This FAQ is available on the Investor Relations section
of our website at http://ampcopgh.com/investors/.
Again, we are very grateful for your
continued support, and we are here to help with any issues the FAQ
document does not address.
Sincerely yours,
J. Brett McBrayer Chief Executive Officer
Ampco-Pittsburgh Corporation
About Ampco-Pittsburgh Corporation
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,
it is a leading producer of forged and cast rolls for the global
steel and aluminum industry. It 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, Slovenia, and 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.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the "Act")
provides a safe harbor for forward-looking statements made by or on
behalf of the Corporation. The information contained in this press
release may include, but are not limited to, statements about
undertaking the rights offering described herein, operating
performance, trends, events that the Corporation expects or
anticipates will occur in the future, statements about sales and
production levels, restructurings, the impact from global pandemics
(including COVID-19), profitability and anticipated expenses and
cash outflows. All statements in this document other than
statements of historical fact are statements that are, or could be,
deemed "forward-looking statements" within the meaning of the Act
and words such as "may," "intend," "believe," "expect,"
"anticipate," "estimate," "project," "forecast" and other terms of
similar meaning that indicate future events and trends are also
generally intended to identify forward-looking statements.
Forward-looking statements speak only as of the date on which such
statements are made, are not guarantees of future performance or
expectations and involve risks and uncertainties. For the
Corporation, these risks and uncertainties include, but are not
limited to: cyclical demand for products and economic downturns;
excess global capacity in the steel industry; increases in
commodity prices or shortages of key production materials;
consequences of global pandemics (including COVID-19); new trade
restrictions and regulatory burdens associated with "Brexit";
inability of the Corporation to successfully restructure its
operations; limitations in availability of capital to fund the
Corporation's operations and strategic plan; inability to satisfy
the continued listing requirements of the New York Stock Exchange;
potential attacks on information technology infrastructure and
other cyber-based business disruptions; and those discussed more
fully in documents filed with the SEC by the Corporation,
particularly in the prospectus related to the rights offering and
in Item 1A, Risk Factors, in Part I of the Corporation's latest
annual report on Form 10-K, and Part II of the Corporation's Form
10-Q for the quarter ended June 30, 2020. The Corporation cannot
guarantee any future results, levels of activity, performance or
achievements. In addition, there may be events in the future that
the Corporation may not be able to predict accurately or control
which may cause actual results to differ materially from
expectations expressed or implied by forward-looking statements.
Except as required by applicable law, the Corporation assumes no
obligation, and disclaims any obligation, to update forward-looking
statements whether as a result of new information, events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201006006079/en/
Melanie L. Sprowson Director, Investor Relations (412) 429-2454
msprowson@ampcopgh.com
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