Asia Pacific Wire & Cable Corporation Ltd. Announces Commencement of Rights Offering
Asia Pacific Wire & Cable Corporation Limited (Nasdaq: APWC) has commenced its rights offering, allowing existing shareholders to purchase additional common shares at a discounted rate. Shareholders as of January 7, 2022, will receive non-transferable subscription rights to buy shares at $0.60 each. The offering is expected to raise approximately $8.3 million for general working capital. Pacific Electric Wire & Cable Co., Ltd., the controlling shareholder, has indicated intent to invest around $6.3 million in the offering. The subscription period runs until January 31, 2022.
- Rights offering expected to raise approximately $8.3 million for working capital.
- Controlling shareholder intends to invest approximately $6.3 million.
- Participation of controlling shareholder is not guaranteed.
- Company reserves the right to cancel the rights offering at any time.
TAIPEI, Taiwan, Jan. 14, 2022 (GLOBE NEWSWIRE) -- 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 commencement of its previously-announced rights offering.
In the rights offering, the Company will distribute, at no charge to its shareholders, non-transferable subscription rights to purchase additional common shares of the Company. The subscription rights will be issued to holders of common shares as of 5:00 p.m., Eastern Standard Time, on January 7, 2022, the record date for the rights offering, at a ratio of one subscription right per common share. The subscription period for the rights offering commenced on January 14, 2022, and terminates (unless extended) at 5:00 p.m. Eastern Standard Time on January 31, 2022, which we refer to as the expiration date of the rights offering. Each subscription right will entitle the holder to invest
The rights offering will include an over-subscription privilege, which will permit each rights holder that exercises its subscription rights in full the option to purchase additional common shares that remain unsubscribed at the expiration of the rights offering. The over-subscription privilege is subject to the availability and allocation of shares among holders exercising their over-subscription privilege.
The Company’s controlling shareholder, Pacific Electric Wire & Cable Co., Ltd. has informed the Company that it intends to participate in the rights offering by means of a cash investment of at least approximately
The purpose of the rights offering is to raise equity capital in a cost-effective manner that gives all of the Company’s shareholders the opportunity to participate on a pro rata basis. If the rights offering is fully subscribed, the Company expects to receive gross proceeds of approximately
Other Important Information
The description above includes only a summary of certain key terms of the rights offering. The terms and conditions of the rights offering are contained in a registration statement on Form F-1, including the prospectus, regarding the rights offering filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) that became effective on December 28, 2021.
A copy of the prospectus relating to the rights offering along with additional materials related to the rights offering will be mailed to the Company’s stockholders as of the record date on or about January 14, 2022. Stockholders may also obtain a copy of the prospectus free of charge on the SEC website at www.sec.gov or by contacting the information agent for the rights offering, Skyline Corporate Communications Group, LLC, at 1-888-316-7398 or apwc@skylineccg.com.
Certain information, such as the number of securities issuable upon exercise of a subscription right and the subscription price, will not be determined until the expiration of the rights offering and will be announced in a subsequent press release by the Company. The Company reserves the right to cancel or terminate the planned rights offering at any time. 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, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: lisa@skylineccg.com
FAQ
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