Williams Industrial Services Group Announces Key Dates for $7 Million Rights Offering

Williams Industrial Services Group Inc. (OTCQX: WLMS) (“Williams” or the “Company”), a construction and maintenance services company, announced today the record date and expected subscription period for its the previously-announced fully-backstopped Rights Offering to raise proceeds of $7 million. The proceeds from the rights offering will be used for working capital to fund the Company’s strategic growth initiatives and for general corporate purposes.

The Company has filed today Amendment Number 2 to its Registration Statement on Form S-1 providing 5:00 p.m., New York City time, on February 12, 2020 as the record date. Subject to the Registration Statement becoming effective on or about February 10, 2020, the Company intends to commence the Rights Offering on February 13, 2020.

Under the Rights Offering, holders of Williams’ common stock will receive one nontransferable right to purchase 0.282550239 of a share of new common stock for each share of common stock owned. The price for the new shares is $1.30 per whole share and represents a 15% discount to the 25-trading-day volume weighted average price for the period immediately preceding the commencement of the Rights Offering. No fractional shares will be issued in the Rights Offering. Any fractional shares of common stock created by the exercise of rights will be rounded down to the nearest whole share.

Stockholders who fully exercise their rights will also be entitled to an over-subscription privilege to purchase additional shares of common stock that may remain unsubscribed as a result of any rights that are unexercised in the Rights Offering. The Rights Offering will be fully backstopped with a commitment by Wynnefield Capital, Inc. (referred to, along with its affiliates as “Wynnefield”), the Company’s largest shareholder, to purchase all unsubscribed shares of common stock in the Rights Offering.

The subscription rights, including those, if any, exercised under the backstop commitment, will be exercisable for an aggregate of 5,384,615 shares of Williams’s common stock. Accordingly, the Company will have approximately 24,441,810 shares outstanding following the Rights Offering.

The expected calendar for the rights offering, unless extended or modified by Williams, is as follows:

• February 12, 2020 at 5:00 PM, Eastern Time: Record Date
• February 13, 2020: Estimated Distribution Date; Subscription Period Estimated to Begin
• March 2, 2020 at 5:00 PM, Eastern Time: Subscription Period Ends
• March 11, 2020: Distribution of New Shares

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