Ampco-Pittsburg Corp Stock Price, News & Analysis

Ampco-Pittsburgh Corporation (NYSE: AP) announced the results of its Offer to Exercise Series A Warrants, ending on July 15, 2022. A total of 108,375 warrants were tendered, raising $193,496 in gross proceeds. The exercise price was set at $1.7856 per warrant or $4.00 per whole share. Warrants not exercised remain at $5.75 per share and $2.5668 per warrant. The Offer was part of a previously filed Tender Offer Statement with the SEC, providing details for interested parties. The Corporation specializes in high-performance specialty metal products.

Ampco-Pittsburgh Corporation (NYSE: AP) announced the preliminary results of its Offer to Exercise, which saw approximately 73,001 Series A Warrants tendered, equating to about 0.66% of the total outstanding warrants. The Offer expired on July 15, 2022, raising gross proceeds of $130,336. The number of warrants tendered is still subject to verification. The unexercised Series A Warrants remain at previous exercise prices of $5.75 per share and $2.5668 per warrant. This press release serves as an informational update and not an offer to buy or sell securities.

Ampco-Pittsburgh Corporation (NYSE: AP) has extended its Offer to Exercise for Series A Warrants to July 15, 2022. The exercise price remains at $1.7856 per warrant, equivalent to $4.00 per whole share of common stock. As of the previous deadline on June 28, 2022, 72,201 Series A Warrants had been tendered. The terms of the offer remain unchanged aside from the expiration date. Investors are encouraged to review the Tender Offer Statement for detailed terms and conditions.

Ampco-Pittsburgh Corporation (NYSE: AP) announced its participation in the virtual East Coast IDEAS Investor Conference, taking place on June 22, 2022. CEO J. Brett McBrayer will present a corporate overview at 6:00 AM ET, accessible via www.IDEASconferences.com. An archive of the webcast will be available afterward on the Corporation's investors' section at ampcopgh.com. Senior VP Michael McAuley will join in one-on-one meetings during the conference.

Ampco-Pittsburgh Corporation (NYSE: AP) has filed a Tender Offer with the SEC to temporarily reduce the exercise price of its Series A Warrants. The reduction allows holders to exercise warrants at $1.7856 each, down from $2.5668, until June 28, 2022. If fully exercised, the Company anticipates raising approximately $19.7 million for working capital and other corporate purposes. This Offer aims to encourage participation by warrant holders while providing significant financial benefits for the Corporation.

Ampco-Pittsburgh Corporation (NYSE: AP) reported a net income of $1.6 million for Q1 2022, up from $0.2 million in Q1 2021. Total net sales reached $94.4 million, a 9% increase year-over-year, driven by price increases and higher forged product shipments, despite a decline in the Air and Liquid Processing segment due to supply chain issues. Backlog growth was 36% compared to the previous year and 12% from the prior quarter. CEO Brett McBrayer acknowledged challenges from energy cost inflation exacerbated by geopolitical tensions but noted improved margins through price adjustments.

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on May 10, 2022, at 10:30 a.m. ET to discuss its financial results for Q1 ended March 31, 2022. Participants can register via a provided link or by calling 1-844-308-3408 at least five minutes before the call. Pre-registration allows immediate access by obtaining a conference passcode. A replay of the call will be available on the company’s website shortly after the event.

Ampco-Pittsburgh manufactures specialty metal products and operates globally with facilities in the US, England, Sweden, and Slovenia.

Ampco-Pittsburgh Corporation (NYSE: AP) announced a significant $9.6 million order for custom air handling units from its Buffalo Air Handling Division. This marks the largest single order for the division in decades, emphasizing Ampco-Pittsburgh's pivotal role in the healthcare sector. Additionally, the company reported a 33% increase in total order backlog compared to the previous year's first quarter, attributed to heightened demand in air handling units and other engineered products amid rising oil prices. However, growth may pressure working capital due to inflation.

Ampco-Pittsburgh Corporation (NYSE: AP) is exploring options for obtaining incremental capital, considering to amend its outstanding Series A warrants. The aim is to evaluate financing alternatives to support working capital growth opportunities, address inflation, and complete a modernization program. CEO Brett McBrayer highlighted the intent to capitalize on an accelerating sales order backlog for increased profitability. The corporation is currently seeking feedback from institutional investors regarding potential transactions.