Ampco-Pittsburgh Corp., a manufacturer of specialty metal products and customized equipment, recently announced it is exploring obtaining incremental capital to address rising inflation, fund working capital growth opportunities, and complete its capital expenditure modernization program.
The company intends to evaluate potential forms of capital and welcomes feedback from institutional accredited investors and qualified institutional buyers during the testing phase.
“We are exploring options for incremental liquidity, including potential transactions that may provide alternatives to our warrant holders, while helping us to capitalize on our accelerating sales order backlog and position ourselves for higher profitability,” Brett McBrayer, Ampco-Pittsburgh CEO, said.
Ampco-Pittsburgh is considering amending its outstanding Series A warrants, among other alternatives for equity financing. Amending would adjust the exercise price or the number of shares of common stock for which such Series A warrants may be exercised.
Headquartered in Carnegie, Ampco-Pittsburgh Corp. has manufacturing facilities in the United States and Europe, has sales offices in North America, Europe, Asia, and the Middle East, and participates in three operating joint ventures in China.
Products the company develops include air and liquid processing equipment, open-die forged products, centrifugal pumps, large custom air handling systems, and custom-engineered finned tube heat exchange coils.