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Synalloy Announces Commencement of Rights Offering
RICHMOND, Va.--(BUSINESS WIRE)-- Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and
About this update from Ascent Industries Co.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nSynalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, today announced that it has commenced its previously-announced rights offering (the “Rights Offering”), which, if fully subscribed, would raise proceeds of approximately $10 million.\n\nPursuant to the Rights Offering, the Company is distributing non-transferable subscription rights to each holder of its common stock as of 5:00 p.m., Eastern Standard Time, on November 29, 2021 (the “Record Date”). The subscription rights may be exercised at any time during the subscription period, which commences today and ends at 5:00 p.m., Eastern Standard Time, on December 16, 2021 (the “Expiration Date”). The subscription rights will expire if they are not exercised by the Expiration Date.\n\nOne subscription right is being distributed for each share of common stock held as of the Record Date, with each subscription right exercisable for 0.083768 shares of common stock at an exercise price of $12.75 per full share of common stock. The Company will not issue any fractional shares upon exercise of any subscription rights in the Rights Offering, and shareholders must exercise subscription rights which would result in the issuance of at least one whole share of common stock to participate in the Rights Offering. For example, if you owned 1,000 shares of our common stock on the Record Date, you would be granted subscription rights to purchase an aggregate of 83 shares of our common stock (rounded down to the nearest whole share) at the Subscription Price per share. An aggregate of up to 785,103 shares of common stock are issuable pursuant to the Rights Offering.\n\nEach stockholder that exercises its basic subscription rights in full is entitled, subject to certain limitations and conditions, to oversubscribe for additional shares that remain unsubscribed at the expiration of the Rights Offering. If the Rights Offering is oversubscribed, then any exercise of the oversubscription privilege will be subject to proration as set forth in the offering documents.\n\nCertain of the Company’s insiders, including all of the directors and the interim CEO, and the Company’s two largest shareholders, Privet Fund LP (“Privet”) and UPG Enterprises LLC (“...