M-Tron Industries announces preliminary results of rights offering

M-tron Industries (MPTI)announced the preliminary results of its rights offering. The Rights Offering commenced on March 31 and expired on April 20. 2,700,249 basic subscription rights were exercised to purchase an aggregate of 540,049 shares of the company’s common stock, par value 1c, and 791,976 additional shares of common stock were subscribed for under the oversubscription privilege, subject to proration. The Rights Offering was oversubscribed. Subscription rights holders who exercised their Oversubscription Privilege will receive the available shares of common stock pro rata among such oversubscribing rightsholders in proportion to the number of shares of common stock that each such rightsholder requested in the oversubscription privilege. Excess amounts for any oversubscribed shares of common stock will be refunded to applicable rightsholders as soon as practicable via check without interest or deduction. The shares of common stock to be issued at the closing of the rights offering will be purchased at the subscription price of $59.00 per share. The company expects the subscription agent to distribute the shares of Common Stock and the proceeds from the Rights Offering on or about April 24.