Attached files
| file | filename |
|---|---|
| EX-4 - EX 4B 1 - CORE MOLDING TECHNOLOGIES INC | ex4b1.htm |
| EX-3 - EX 3A 5 - CORE MOLDING TECHNOLOGIES INC | ex3a5.htm |
| 8-K - FORM 8K - CORE MOLDING TECHNOLOGIES INC | cmt-20210330.htm |
FOR IMMEDIATE RELEASE
CORE MOLDING TECHNOLOGIES ACCELERATES THE EXPIRATION OF
STOCKHOLDER RIGHTS PLAN
COLUMBUS, Ohio – Core Molding Technologies, Inc. (NYSE American: CMT) today announced that its
board of directors voted to accelerate the expiration of the company’s stockholder rights plan to March 31,
2021 to further enhance the company's corporate governance profile. The stockholder rights plan was
originally scheduled to expire on April 20, 2021. Stockholders do not have to take any action as a result of
this accelerated termination.
The decision to accelerate the expiration of the stockholder rights plan was the result of careful analysis
including input from corporate governance experts. The plan was adopted in April of 2020 to protect against
any potential future use of coercive or abusive takeover techniques and to help ensure that the Company’s
stockholders were not deprived of the opportunity to realize the full and fair value of their investment. In
adopting the plan, the Board had taken note of the unprecedented impact of the COVID-19 pandemic on the
Company, including in the Company’s stock price, the substantial increase in trading volume and market
volatility, and the significant impact the pandemic had across the manufacturing industry. At the time of
adoption of the plan the Company’s stock price was trading at approximately $2.40 per share. Shares
currently trade at approximately $11.50 per share, a 380% increase.
“The acceleration of the expiration of the stockholder rights plan demonstrates the Board's commitment to
best corporate governance practices. Our decision incorporates valuable shareholder feedback, while
ensuring that we have appropriate measures and policies in place to manage our business effectively,” said
David L. Duvall, president and chief executive officer.
About Core Molding Technologies, Inc.
Core Molding Technologies is a manufacturer of sheet molding compound ("SMC") and molder of
thermoset and thermoplastic products. The Company operates in one operating segment as a molder of
thermoplastic and thermoset (plastic) structural products. The Company's operating segment consists of two
component reporting units, Core Traditional and Horizon Plastics. The Company produces and sells molded
products for varied markets, including medium and heavy-duty trucks, automobiles, marine, construction
and other commercial markets. The Company offers customers a wide range of manufacturing processes to
fit various program volume and investment requirements. These processes include compression molding of
SMC, bulk molding compounds ("BMC"), resin transfer molding ("RTM"), liquid molding of
dicyclopentadiene ("DCPD"), spray-up and hand-lay-up, direct long-fiber thermoplastics ("D-LFT") and
structural foam and structural web injection molding ("SIM"). Core Molding Technologies has its
headquarters in Columbus, Ohio, and operates production facilities in Columbus, Ohio; Gaffney, South
Carolina; Winona, Minnesota; Matamoros and Escobedo, Mexico; and Cobourg, Ontario, Canada. For
further information, visit the company's website at www.coremt.com.