Privet Fund Management LLC (together with its affiliates, "Privet") and UPG Enterprises LLC (together with its affiliates, "UPG"), which have joined together as a formal group and collectively own approximately 24.8% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company"), today sent a letter to stockholders of the Company announcing their decision to nominate a slate of five highly-qualified candidates, Andee Harris, Christopher Hutter, Aldo Mazzaferro, Benjamin Rosenzweig and John P. Schauerman, for election to Synalloy’s Board of Directors at the Company’s upcoming 2020 Annual Meeting of Stockholders.
13D FILINGS These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities.
Privet Fund Management LLC (together with its affiliates, "Privet") and UPG Enterprises LLC (together with its affiliates, "UPG" and collectively with Privet, the "Stockholder Group" or "we" or "us"), which collectively own approximately 24.9% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company"), today announced that they have mailed a letter to stockholders in connection with their nomination of five highly-qualified and independent candidates for election to the Company’s eight-member Board of Directors (the "Board") at the 2020 Annual Meeting of Stockholders (the "Annual Meeting") scheduled to be held on June 30, 2020. The letter exposes and addresses the many falsehoods and misrepresentations included in Synalloy’s recent communications to stockholders. Please visit www.StrengthenSynalloy.com to learn more about the Stockholder Group’s case for meaningful change and obtain important information about how to vote on the WHITE Proxy Card for our full slate of nominees.
U.S.-based industrial companies may be of interest to investors—both passive and activist—as the pandemic has forced companies to rethink their supply chains and move more production domestically.
Q1 2020 Synalloy Corp Earnings Call
Privet Fund Management LLC (together with its affiliates, "Privet") and UPG Enterprises LLC (together with its affiliates, "UPG" and collectively with Privet, "we" or "us"), which collectively own approximately 24.9% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company"), today sent a letter to stockholders in connection with their nomination of five highly-qualified candidates for election to the Company’s eight-member Board of Directors (the "Board") at Synalloy’s upcoming 2020 Annual Meeting of Stockholders (the "Annual Meeting") scheduled to be held on June 30, 2020. Visit www.StrengthenSynalloy.com to read the letter and obtain important information about the capabilities Privet and UPG can bring to the table to help Synalloy become a thriving public company for years to come.
Privet Fund Management LLC (together with its affiliates, "Privet") and UPG Enterprises LLC ("UPG"), which collectively own approximately 24.9% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company"), have filed a definitive proxy statement with the Securities and Exchange Commission and today issued the below letter to the Company’s stockholders. Privet and UPG have nominated a slate of five highly-qualified and experienced director candidates for election to Synalloy’s eight-member Board of Directors at the Company’s 2020 Annual Meeting of Stockholders.
Synalloy Corporation (Nasdaq: SYNL) announced today that first quarter shipments for the Metals Segment (excluding Palmer of Texas) were up 3.6% on a pounds basis over last year. Bookings and backlogs were up from 2019 levels by approximately 30% on a pounds basis and 19% on a dollars basis. Specialty Chemical Segment shipments were down 7% on a pounds basis, but total revenues were up approximately 2.6% on a dollars basis, resulting from a favorable product mix shift to more value added contract manufactured products. "Synalloy’s operating units are included in the list of critical infrastructure sectors designated by the Department of Homeland Security and have been in full operation throughout the first quarter. Several of our businesses have been directly involved in supplying critical products such as hand sanitizer from our Chemicals Segment and ornamental tubing from ASTI for the medical sector. We are proud to assist in any way that we can with the COVID-19 outbreak," commented Craig C. Bram, President and CEO.
Synalloy Corporation (Nasdaq: SYNL), today announced net sales for the first quarter of 2020 of $74.7 million. This represents a decrease of $10.1 million or 11.9% when compared to net sales for the first quarter of 2019.
Synalloy Corporation (Nasdaq: SYNL) ("Synalloy" or the "Company") today issued a letter to shareholders examining the lack of qualifications of the nominees that Privet Fund Management LLC ("Privet") and UPG Enterprises LLC ("UPG") included on their dissident slate, and clarifying that Synalloy’s management team and incumbent nominees outmatch the dissident slate in qualifications, possessing extensive experience and expertise in all relevant skillsets. The letter also highlights the proactive steps taken by the Board of Directors (the "Board") and management team of Synalloy to maximize value and navigate the COVID-19 pandemic, including by exploring a full range of strategic alternatives after the markets have stabilized.
The Board of Directors (the "Board") of Synalloy Corporation (Nasdaq: SYNL) ("Synalloy" or the "Company") today filed its definitive proxy statement and issued a letter to shareholders.
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The Board of Directors ("the Board") of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company") today reminded shareholders to take no action in response to Privet Fund Management LLC ("Privet") and UPG Enterprises, LLC ("UPG"), and to discard any proxy material that Privet and UPG may provide for the 2020 Annual Meeting of Shareholders (the "Annual Meeting").
Synalloy Corporation ("Synalloy" or the "Company") announced today that its Board of Directors unanimously authorized the adoption of a limited duration shareholder rights plan. The rights will be issued to shareholders of record on April 10, 2020 and will expire on March 31, 2021, or later if the Board of Directors approves an extension prior to expiration and the extension is submitted to the shareholders for ratification at the Company’s next annual meeting.
Synalloy Corporation (Nasdaq: SYNL) ("Synalloy" or the "Company") today issued a letter to shareholders unpacking the poorly-sourced hypotheticals outlined by Privet Fund Management LLC and UPG Enterprises LLC ("Privet" and "UPG," and together, the "Dissident Group") in their recently distributed plan for the business, and highlighting the many areas where Synalloy is already executing the dissidents’ "fresh" ideas as the Board of Directors (the "Board") and management team of Synalloy advance the Company’s considered, balanced strategic plan and work to deliver long-term value to shareholders.
The Board of Directors (the "Board") of Synalloy Corporation (Nasdaq: SYNL) (the "Company") today announced its commitment to engage a leading independent financial advisor to conduct a comprehensive review of strategic alternatives once there is stabilization from the current market volatility and macroeconomic disruption related to the global health pandemic caused by COVID-19.
Synalloy Corporation (Nasdaq:SYNL) plans to announce its first quarter 2020 earnings results in a press release that will be issued before the market opens on Tuesday, May 5, 2020. Following the earnings release, Synalloy will conduct a conference call and webcast at 9:00 AM ET to discuss the earnings results. Interested parties may listen to this discussion by calling 1(877) 303-6648; Conference ID code 8772837. The conference call will be webcast live through Synalloy's website at www.synalloy.com under the Investor Relations tab.
Privet Fund Management LLC (together with its affiliates, "Privet") and UPG Enterprises LLC (together with its affiliates, "UPG" and collectively with Privet, the "Stockholder Group" or "we" or "us"), which collectively own approximately 24.8% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company"), today issued the below statement in response to the April 2nd press release issued by the Company’s Board of Directors (the "Board") that announced a potential future review of strategic alternatives and mischaracterized a settlement proposal previously shared with the Stockholder Group.
Privet Fund Management LLC (together with its affiliates, "Privet") and UPG Enterprises LLC (together with its affiliates, "UPG" and collectively with Privet, "we" or "us"), which collectively own approximately 24.9% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company"), today issued the following open letter to Synalloy’s customers, employees and stockholders in connection with their nomination of five highly-qualified candidates for election to the Company’s eight-member Board of Directors (the "Board") at the Company’s upcoming 2020 annual meeting of stockholders (the "Annual Meeting") scheduled to be held on June 30, 2020:
Synalloy Corporation (NASDAQ: SYNL) ("Synalloy" or the "Company") announced today that it received notice that Privet Fund Management LLC ("Privet") and UPG Enterprises, LLC ("UPG") intend to nominate a slate of five director designees for election to the Company’s Board of Directors (the "Board") to replace a majority of the Board at the 2020 annual meeting of shareholders (the "2020 Annual Meeting").