Ampco-Pittsburgh Corporation Explores Potential Rights Offering

Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation”) announced today that it is contemplating a rights offering that would, when initiated, involve the issuance to its shareholders (as of a future record date) of a dividend of rights and potential over-subscription rights to purchase shares of its capital stock (“Shares”) and potentially other securities. The Corporation is considering offering any or all of the following securities: common stock, dividend yielding preferred stock, warrants and/or dividend yielding convertible preferred stock. The offering of the securities would be made pursuant to a registration statement on Form S-1 (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”).

​In a rights offering shareholders as of the record date would receive a right, but not the obligation, to purchase Shares and potentially other securities during a to-be-determined exercise period. Shareholders as of the record date would also receive over-subscription rights to purchase additional securities beyond their pro rata percentage ownership.

"We are exploring a potential rights offering to raise additional capital to accelerate our restructuring efforts, improve overall liquidity, and reduce indebtedness. If we proceed with this offering, our shareholders will have the first opportunity to purchase additional securities to maintain or increase their current percentage ownership in our company," said Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer.

The Corporation has engaged RHK Capital to gauge feedback and interest for the contemplated rights offering from institutional accredited investors and qualified institutional buyers. Please contact RHK Capital at [e-mail] to discuss potential terms of the rights offering. The Corporation welcomes feedback from institutional accredited investors and qualified institutional buyers as it tests the waters on the contemplated rights offering.

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 which 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.