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Synalloy Corporation (NASDAQ: SYNL) has successfully completed its rights offering, which started on November 30, 2021. The offering resulted in the sale of 785,103 shares at $12.75 each, generating approximately $10 million in gross proceeds. Following this transaction, Synalloy will have 10,163,458 shares outstanding. Unexercised subscription rights expired on December 16, 2021. The rights offering was fully subscribed, reflecting strong investor interest.
Synalloy Corporation (NASDAQ: SYNL) has launched its rights offering to raise approximately $10 million. Stockholders as of November 29, 2021 can exercise their non-transferable subscription rights until December 16, 2021. Each right allows the purchase of 0.083768 shares at $12.75 per share. Up to 785,103 shares can be issued. Major shareholders, including Privet Fund LP and UPG Enterprises LLC, plan to exercise and oversubscribe their rights. Proceeds will fund general corporate purposes and growth initiatives.
Synalloy Corporation (Nasdaq: SYNL) has announced a $10 million rights offering for existing shareholders, effective November 29, 2021. Shareholders will receive non-transferable subscription rights, allowing them to purchase shares at an exercise price of $12.75 each. The rights offering period starts November 30, 2021, and ends on December 16, 2021.
Insiders, including directors and major shareholders, intend to fully subscribe and may oversubscribe. Proceeds will fund growth initiatives, including potential acquisitions.
Synalloy Corporation has appointed John Zuppo as executive vice president of its chemicals segment, effective November 12, 2021. Zuppo, formerly the CEO of DanChem, brings over 20 years of experience in the specialty chemicals industry. His leadership is expected to enhance growth opportunities following Synalloy's acquisition of DanChem on October 25. Zuppo's previous turnaround efforts at DanChem, including doubling profitability and improving operational efficiencies, position him well for accelerating Synalloy Chemicals' growth.
Synalloy Corporation (Nasdaq: SYNL) reports strong financial results for Q3 2021. Net sales surged 45% to $86.2 million, driven by robust commodity pricing and high customer demand. Gross profit rose significantly to $18.0 million, yielding a gross margin of 20.9%. Net income rebounded to $8.2 million, compared to a loss of $10.5 million in Q3 2020. Adjusted EBITDA also increased to $14.8 million, reflecting improved operational efficiencies.
The acquisition of DanChem is expected to enhance Synalloy's specialty chemicals division and overall growth.
Synalloy Corporation (Nasdaq: SYNL) will hold a conference call on November 9, 2021, at 5:00 p.m. Eastern time to discuss its Q3 financial results for the period ending September 30, 2021. The results will be released prior to the call, during which management will also host a Q&A session. Interested parties can join via toll-free and international dial-in numbers. The call will be broadcasted live and accessible for replay on the Company's website.
Synalloy Corporation (NASDAQ: SYNL) has successfully acquired DanChem for
Synalloy Corporation (NASDAQ: SYNL) has appointed Aaron Tam as its new chief financial officer, effective immediately. With over 20 years of experience across various industries, Tam previously served as CFO at Northstar Aerospace, where he played a key role in achieving profitable growth. Interim president and CEO Chris Hutter highlighted Tam's expertise in corporate finance and organizational development, believing he will assist in driving sales growth and margin improvements. As part of his employment, Tam was granted 18,340 shares, with specific vesting conditions.
Synalloy Corporation (Nasdaq: SYNL) reported a strong second quarter for 2021, with net sales increasing by 26% to $83.1 million, up from $66.1 million in Q2 2020. Gross profit surged to $14.1 million, yielding a gross profit margin of 17%, while net income reached $2.9 million, a notable recovery from a net loss of $(7.0) million last year. The metals segment saw the most significant improvement, with net sales rising 31%. However, the chemicals segment faced challenges, reporting a net loss of $(0.4) million.
Synalloy Corporation (Nasdaq: SYNL) announced a conference call scheduled for August 9, 2021, at 5:00 p.m. Eastern time to discuss its financial results for Q2 2021. The call will be accessible via a toll-free number and will include a question and answer segment. Investors can listen live or access a replay through the company's website. The company engages in producing stainless steel and galvanized pipes, as well as specialty chemicals. Readers are advised that the earnings release contains forward-looking statements that may be impacted by various risks.
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