Asia Pacific Wire & Cable Corporation Ltd. Announces Successful Completion of Rights Offering
02 2월 2022 - 10:30PM
Asia Pacific Wire & Cable Corporation Limited (Nasdaq: APWC)
(the “Company”), a leading manufacturer of wire and cable products
for the telecommunications and electric-power industries in the
Asia-Pacific region, today announced the successful completion of
its rights offering. The subscription period for the rights
offering expired at 5:00 p.m. Eastern Standard Time on January 31,
2022, the expiration date for the rights offering.
In the rights offering, which was
oversubscribed, the Company issued and sold an aggregate of
6,796,558 common shares pursuant to the exercise of subscription
rights, raising gross proceeds of approximately $8.3 million before
any expenses of the rights offering. Following the completion of
the rights offering, the Company had 20,616,227 common shares
outstanding. The net proceeds of the rights offering will be used
for general working capital and corporate purposes.
The subscription price in the rights offering
was $1.22 per common share. In accordance with the terms of the
rights offering, this subscription price is equal to 90% of the
lower of (1) the volume weighted average price per common share on
the Nasdaq Capital Market over the five consecutive trading days
through and including the expiration date of the rights offering,
and (2) the closing price per common share on the Nasdaq Capital
Market on the expiration date of the rights offering.
The common shares issued as part of the
over-subscription privilege were allocated pro-rata among
shareholders who exercised their over-subscription rights based on
the number of shares each such shareholder owned on the record
date, taking into account the investment amount that each such
shareholder allocated toward over-subscription rights.
Subscription rights that were not exercised by
5:00 p.m. Eastern Standard Time on January 31, 2022 have expired.
Any excess subscription payments received by the subscription agent
will be returned to the applicable exercising holders.
Other Important Information
A prospectus relating to the rights offering was
filed with the Securities and Exchange Commission on January 14,
2022 and is available on the website of the SEC at www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
About Asia Pacific Wire & Cable
Corporation
Asia Pacific Wire & Cable Corporation is a
holding company incorporated in Bermuda with principal executive
offices in Taiwan that operates the Company’s business through
operating subsidiaries. Through its subsidiaries, the Company is
principally engaged in the manufacture and distribution (in
descending order of sales) of enameled wire, power cable, and
telecommunications products in Thailand, Singapore, Australia, the
People’s Republic of China, Hong Kong and certain other markets in
the Asia Pacific region. The Company also engages in the
distribution of certain wire and cable products manufactured by its
controlling shareholder, Pacific Electric Wire & Cable Co.,
Ltd., and third parties. The Company also provides project
engineering services in the supply, delivery and installation of
power cable. The Company’s major customers include government
organizations, electric contracting firms, electrical dealers, and
wire and cable factories.
Safe Harbor Statement
This release contains certain "forward-looking
statements" relating to the Company, its business, and its
subsidiary companies. These forward-looking statements are often
identified by the use of forward-looking terminology such as
"believes", "anticipates", "expects", “estimates”, “intends”,
“plans” or similar expressions. Such forward looking statements
involve known and unknown risks and uncertainties that may cause
actual results to be materially different from those described
herein as believed, anticipated, expected, estimated, intended or
planned. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the
Company's reports that are filed with the Securities and Exchange
Commission and available on its website (www.sec.gov). All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
Contact:Investor
Relations
Contact:Skyline Corporate Communications Group, LLCLisa
Gray, Senior Account
ManagerOne Rockefeller Plaza, 11th FloorNew York, NY 10020Office: (646) 893-5835Email: lisa@skylineccg.com |
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