CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) announced today that the subscription period of its previously announced rights offering expired on Friday, September 18, 2020, at 5:00 PM Eastern Time, and these rights are no longer exercisable.

The subscriptions totaled approximately 12.3 million units, raising gross proceeds of approximately $19.3 million, excluding any proceeds that may be received by the Corporation from the future exercise of the Series A warrants. The offering was approximately 97% subscribed. The results of the rights offering and the Corporation’s estimates regarding the aggregate gross proceeds of the rights offering to be received by Ampco-Pittsburgh are subject to finalization and verification by its subscription agent with DTC.

Ampco-Pittsburgh anticipates that closing of the rights offering will occur on or about Tuesday, September 22, 2020, subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, by way of book-entry or uncertificated form, or through the facilities of DTC, as applicable, Common Shares and Series A warrants to holders of rights who have validly exercised their rights and paid the subscription price in full. No physical stock or warrant certificates will be issued to such holders.

Ampco-Pittsburgh engaged Advisory Group Equity Services, Ltd. d/b/a RHK Capital to act as dealer-manager for the 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 that 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.