Matthews International Announces Equity Distribution Plan

PITTSBURGH, PA – Matthews International Corp (NASDAQ:MATW), a company specializing in nonferrous foundries and castings with a market capitalization of $717 million, has entered into an Equity Distribution Agreement with Truist Securities, Inc. According to InvestingPro analysis, the company appears undervalued at its current trading price of $23. The agreement, effective today, allows for the potential sale of up to 1,250,000 shares of its Class A Common Stock.

Under the terms of the agreement, Matthews International may, from time to time, offer and sell shares through Truist Securities. The sales will be conducted as "at the market offerings," meaning they can be sold directly on the Nasdaq Global Select Market where the company’s stock is traded. Notable for investors, InvestingPro data shows the company has maintained dividend payments for 32 consecutive years and currently offers a 4.2% dividend yield. The company has the discretion to decide the volume of shares to be sold and the minimum price per share.

The Equity Distribution Agreement is part of an automatic registration statement filed by Matthews International with the SEC today, along with a base prospectus and a prospectus supplement dated today. However, there is no obligation for the company to sell any shares under this agreement.

Truist Securities will be compensated with a commission of up to 2.50% of the gross sales price for any shares sold. The agreement also includes customary indemnification and contribution rights for the sales agent.

The agreement may be terminated by either party at any time upon notice to the other, subject to certain conditions customary for transactions of this nature.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any shares, and any sales will comply with all applicable state securities laws. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with additional ProTips and detailed financial metrics in its Pro Research Report, available as part of the subscription covering 1,400+ US stocks.

The details of this agreement are outlined in the Equity Distribution Agreement filed as an exhibit with today’s SEC filing, which is the source of the information in this press release. Matthews International has not made any statements regarding the specific use of proceeds from the sale of shares under this agreement.

In other recent news, Matthews International Corporation held its Annual Meeting of Shareholders, where key decisions were made regarding the company’s leadership and future plans. Shareholders re-elected Terry L. Dunlap, Alvaro Garcia-Tunon, and J. Michael Nauman as directors, each set to serve until the 2028 Annual Meeting. The meeting saw approximately 90.9% of eligible shares represented, ensuring a quorum for the proceedings. A significant development was the approval of the Second Amended and Restated 2017 Equity Incentive Plan, which aims to provide equity-based incentives to employees and directors. Additionally, Ernst & Young LLP was ratified as the independent registered public accounting firm for the fiscal year ending September 30, 2025. An advisory vote on the executive compensation of the company’s named executive officers passed with strong shareholder support. The company’s 8-K filing with the SEC provides an official record of these outcomes, which are expected to influence Matthews International’s corporate governance and strategic direction in the coming years.

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