Ampco-Pittsburgh Corporation Announces Tentative Calendar for Proposed Rights Offering

Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation”) announced today the tentative calendar for its previously proposed rights offering (“rights offering”). The Corporation is planning to commence the rights offering to raise capital to accelerate its restructuring efforts, improve its overall liquidity, reduce its indebtedness, and for other general corporate purposes.

The rights offering will be made through a dividend in the form of non-transferable subscription rights to purchase one unit, consisting of shares of common stock (the “Common Shares”) and warrants to purchase Common Shares, per each share of common stock owned on the record date at an exercise price to be determined. The dividend of the subscription rights must be settled within two business days of the transaction date, so to be considered a shareholder of record you must own the stock in your brokerage account as of 4:00 PM ET on Thursday, August 13, 2020, which is two trading days before the record date of Monday, August 17, 2020.

The proposed rights offering will also include an over-subscription privilege, which will entitle each rights holder that exercises all its basic subscription privileges in full the right to purchase additional units that remain unsubscribed at the expiration of the rights offering. Both the basic and over-subscription privileges are subject to the availability and pro-rata allocation of shares among participants. All basic subscription rights and over-subscription privileges may be exercised during the subscription period of Tuesday, August 18, 2020, through 5:00 PM ET Friday, Wednesday, September 16, 2020, on a pro-rata basis. The Corporation may extend the offering up to an additional 45 days, at its sole discretion, in which case the offering would continue with subscriptions on a first-in, first-served basis, calculated daily, with the potential for pro-rata allocation of shares among participants subscribing on the last day the offering remains open.

In addition, the Corporation recommends that current shareholders consider notifying their broker or financial advisor about the upcoming rights offering to ensure they will maximize their ability to participate in the rights offering.

The expected calendar for the rights offering is as follows:

Thursday, August 13, 2020

Ownership Day – Shares must be acquired by market close of 4:00 PM ET to be considered a shareholder of record on the Record Date