Matthews International to Offer 1.25M Shares

PITTSBURGH - Matthews International Corporation (NASDAQ:MATW), a manufacturer specializing in nonferrous foundries and castings with annual revenue of $1.75 billion, announced today an agreement to potentially sell up to 1.25 million shares of its Class A Common Stock. The equity distribution agreement, established with Truist Securities, Inc. as the sales agent, allows for the shares to be sold from time to time at the company’s discretion. According to InvestingPro data, the company’s stock has seen significant price decline over the past three months, currently trading at $22.99.

The sale of shares will be conducted under an automatic registration statement on Form S-3 and a prospectus supplement, both filed with the Securities and Exchange Commission (SEC) on Monday. This registration is part of the company’s strategy to raise capital, although the timing and amount of any sales have not been specified. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 1.58, indicating its ability to meet short-term obligations effectively.

In connection with this offering, the company has filed the legal opinion of Cozen O’Connor regarding the validity of the shares, which is now part of the public record through its inclusion as Exhibit 5.1 in the company’s Form 8-K.

Matthews International, based in Pittsburgh, Pennsylvania, has not provided specific details regarding the use of proceeds from the share offering. The company’s decision to enter into the equity distribution agreement aligns with its efforts to maintain financial flexibility.

Investors and shareholders are advised that the information regarding this potential share offering is based on the company’s latest SEC filing. Matthews International has not issued any forward-looking statements about the expected impact of the share offering on its financial position.

The company’s stock, listed on the Nasdaq Global Select Market under the ticker MATW, may see changes in trading volume or price due to this announcement. Matthews International’s financial advisors and legal counsel are managing the transaction, ensuring compliance with SEC regulations and market standards.

This news is a direct reflection of the company’s strategic financial planning and does not necessarily indicate any immediate changes in its operations or business outlook. Matthews International continues to focus on its core manufacturing business as it explores opportunities for capital growth. The company has maintained dividend payments for 32 consecutive years, with a current dividend yield of 4.23%. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which provides detailed analysis of this and 1,400+ other US stocks.

In other recent news, Matthews International Corporation has announced an Equity Distribution Agreement with Truist Securities, Inc., allowing for the potential sale of up to 1,250,000 shares of its Class A Common Stock. This agreement enables Matthews International to offer and sell shares through "at the market offerings" on the Nasdaq Global Select Market. The company retains discretion over the volume and minimum price of shares sold, with Truist Securities receiving a commission of up to 2.50% of the gross sales price for any shares sold. Additionally, Matthews International held its Annual Meeting of Shareholders, where three directors were re-elected for a three-year term, and several key proposals were approved. Shareholders overwhelmingly supported the Second Amended and Restated 2017 Equity Incentive Plan and ratified Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending September 30, 2025. An advisory vote on executive compensation also passed with significant support. These developments are outlined in Matthews International’s SEC filings, which serve as the official record of the events.

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