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Synalloy plans $50 million capital raise

Staff Report
Published Nov. 21, 2012

Spartanburg-based Synalloy Corp. filed a shelf registration with the U.S. Securities and Exchange Commission to set the stage for a capital raise of up to $50 million.

According to the filing, Synalloy may conduct one or more securities offerings, including the sale of common or preferred stock. The filing is a preliminary prospectus and the registration is not yet effective.

If an offering is conducted, proceeds from the sale would be used to fund general corporate purposes, including acquisitions, capital expenditures and the repayment or redemption of existing indebtedness, the company told the SEC.

Synalloy produces stainless steel pipe, liquid-storage products and specialty chemicals. It also fabricates stainless steel and carbon steel piping systems.

Synalloy stock was trading on Nasdaq this morning at $13.69 per share, an increase of 1.71% from Tuesday’s close.

Previous coverage

Synalloy reports strong gains in Q3 income
Synalloy closes acquisition of Texas company

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