DELAND, Fla., Feb. 28, 2018 (GLOBE NEWSWIRE) -- ARC Group Worldwide, Inc. ("ARC" or the "Company") (NASDAQ:ARCW), a leading global provider of advanced manufacturing and metal 3D printing solutions, today announced that its rights offering of common shares closed today, raising gross proceeds of $10.0 million, before payment of expenses, through the issuance of 5,000,000 shares of common stock at $2.00 per share. This includes 3,257,645 shares issued to Everest Hill Group, ARC's largest shareholder, upon exercise of its basic subscription rights and backstop purchase agreement. After giving effect to the rights offering, Everest Hill Group will own approximately 52.9% of the outstanding share of the Company's common stock.
Brian Knaley, ARC's CFO, stated, "Proceeds from the rights offering will provide us additional working capital for our general corporate purposes. The completed transaction demonstrates continued support by existing and new shareholders for the Company's business model and strategic vision."
The rights offering was made pursuant to ARC's effective registration statement on Form S-1 (Reg. No. 333-221967) and prospectus supplement on file with the U.S. Securities and Exchange Commission. All of the Company's SEC filings may be found in the Investor Relations section of ARC's website at www.arcw.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ARC Group Worldwide, Inc.
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