ARC Group Worldwide announced Aaron Willman will join the company's management team to serve as CFO Willman succeeds R. Brian Knaley, who will leave the company. Willman has previously served as General Manager of the Company's ARC Stamping subsidiary since 2014, also known as Kecy Metal Technologies, one of the industry's leading precision metal stamping companies. Prior to his affiliation with Kecy in 2013, Willman was employed by Plante Moran from 2008 to 2012. The effective date for the transition of the CFO position will occur on the earlier of: (i) the first business day following the filing of the company's annual report on Form 10-K for the fiscal year ended June 30, 2018; or (ii) September 20, 2018.
ARC Group Worldwide announced that Drew Kelley, interim CEO, will resign from the company on May 10. Alan Quasha, chairman of the board, will assume the dual roles of chairman and CEO with immediate effect.
ARC Group Worldwide announced the effectiveness of its previously disclosed fully committed $10.0 million rights offering. The Company has also entered into Rights Offering backstop agreements with certain Company stockholders. The Company thus is highly confident it will raise an aggregate of $10.0 million in gross proceeds following the closing of the Rights Offering. The Board of Directors has set the Rights Offering subscription price for the purchase of common stock, par value $.0005 per share, at $2.00 per whole share. The rights and securities offered for subscription in the Rights Offering have been registered with the SEC in a Registration Statement on Form S-1 which has been declared effective. The Company's final prospectus covering the Rights Offering was filed with the SEC on February 9, 2018. The Rights Offering will remain open until February 25, 2018. The Company will issue 5,000,000 shares of Common Stock pursuant to the Rights Offering.