ASCENT INDUSTRIES CO. Files Definitive Proxy Statement

TL;DR

<b>ASCENT INDUSTRIES CO. has filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023.</b>

AI Summary

ASCENT INDUSTRIES CO. (ACNT) filed a Proxy Statement (DEF 14A) with the SEC on April 30, 2024. Filing is a Definitive Proxy Statement (DEF 14A) for ASCENT INDUSTRIES CO. The report covers the fiscal year ending December 31, 2023. The company was formerly known as SYNALLOY CORP and BLACKMAN UHLER INDUSTRIES INC. The filing includes details on executive compensation, specifically stock and option awards. ASCENT INDUSTRIES CO. is incorporated in Delaware and operates in the Steel Pipe & Tubes industry.

Why It Matters

For investors and stakeholders tracking ASCENT INDUSTRIES CO., this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, stock awards, and other governance matters, enabling informed voting decisions. As a DEF 14A filing, it details the company's financial performance and strategic direction, offering insights into its operations within the Steel Pipe & Tubes sector.

Risk Assessment

Risk Level: low — ASCENT INDUSTRIES CO. shows low risk based on this filing. The filing is a routine proxy statement and does not contain new financial performance data or significant strategic shifts, indicating a low level of immediate risk.

Analyst Insight

Review the executive compensation details and any proposed shareholder resolutions to understand potential impacts on corporate governance and shareholder value.

Key Numbers

• 2023-12-31 — Fiscal Year End (ASCENT INDUSTRIES CO.)
• 2024-04-30 — Filing Date (DEF 14A)
• 1934 Act — SEC Act (Securities Exchange Act of 1934)
• 001-05200 — SEC File Number (ASCENT INDUSTRIES CO.)

Key Players & Entities

• ASCENT INDUSTRIES CO. (company) — Registrant name
• SYNALLOY CORP (company) — Former company name
• BLACKMAN UHLER INDUSTRIES INC (company) — Former company name
• DE (jurisdiction) — State of incorporation
• 3317 (industry_code) — Standard Industrial Classification for Steel Pipe & Tubes
• 2024-04-30 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 1400 16TH STREET SUITE 270 (address) — Business and mailing address

FAQ

Industry Context

ASCENT INDUSTRIES CO. operates within the Steel Pipe & Tubes industry, a sector characterized by industrial demand and commodity pricing.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

What Investors Should Do

1. Review the proxy statement for details on executive compensation packages and any proposed shareholder actions.
2. Assess the company's historical performance and strategic outlook as presented in the filing.
3. Note the former company names, indicating potential historical context or restructuring.

Key Dates

• 2024-04-30: Filing Date — Definitive Proxy Statement filed
• 2023-12-31: Fiscal Year End — Period covered by the proxy statement

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard disclosure for public companies regarding shareholder meetings and executive compensation.

Filing Documents

• acnt-20240429.htm (DEF 14A) — 282KB
• acnt-20240429_g1.jpg (GRAPHIC) — 11KB
• acnt-20240429_g2.jpg (GRAPHIC) — 9KB
• acnt-20240429_g3.jpg (GRAPHIC) — 11KB
• acnt-20240429_g4.jpg (GRAPHIC) — 855KB
• acnt-20240429_g5.jpg (GRAPHIC) — 407KB
• 0000095953-24-000022.txt (&nbsp;) — 3707KB
• acnt-20240429.xsd (EX-101.SCH) — 2KB
• acnt-20240429_def.xml (EX-101.DEF) — 2KB
• acnt-20240429_lab.xml (EX-101.LAB) — 3KB
• acnt-20240429_pre.xml (EX-101.PRE) — 1KB
• acnt-20240429_htm.xml (XML) — 49KB

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 6 Proposal 1 - Election of Directors 6 Board of Directors and Committees 8 Corporate Governance 10 Executive Officers 13 Related Party Transactions 15 Proposal 2 - Advisory Vote on the Compensation of Our Named Executive Officers 16 Proposal 3 - Approval, on a non-binding advisory basis, on the Frequency of Future Say-On-Pay Votes 16 Proposal 4 - Ratification of the Appointment of Our Independent Registered Public Accounting Firm 17 ASCENT INDUSTRIES CO. PROXY STATEMENT ANNUAL MEETING OF SHAREHOLDERS June 12, 2024 The 2023 Annual Report to Shareholders, including our 2023 Form 10-K, is being made available to shareholders together with these proxy materials on or about April 30 2024. QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS, ANNUAL MEETING AND VOTING When and where will the Annual Meeting be held? The Annual Meeting of Shareholders of Ascent Industries Co. (the "Company") will be held as a virtual meeting and webcast live over the Internet. Please go to www.virtualshareholdermeeting.com/ACNT2024 for instructions on how to attend and participate in the Annual Meeting. Any shareholder may attend and listen live to the webcast of the Annual Meeting. Shareholders as of April 16, 2024, the record date, may vote and submit questions while attending the Annual Meeting via the Internet by following the instructions listed on your proxy card. The webcast starts at 9:00 a.m. ET on Wednesday, June 12, 2024. We encourage you to access the meeting prior to the start time. Who is soliciting my proxy? Our Board is soliciting your proxy to vote on all matters scheduled to come before the 2024 Annual Meeting of Shareholders, whether or not you attend the virtual meeting. By completing and returning the proxy card or voting instruction card, or by transmitting your voting instructions via the Internet, you are authorizing the proxy holders to vote your shares at our Annual Meeti

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth information regarding the ownership of the Company's Common Stock as of April 16, 2024, by each current director and nominee for director, each current executive officer of the Company for whom compensation information is disclosed under the heading Executive Compensation , and for the directors, nominees for director and executive officers of the Company as a group. Name of Beneficial Owner Common Stock Beneficially Owned Percent of Total Christopher G. Hutter 1,002,598 (1) 9.82% John P. Schauerman 88,717 * Benjamin Rosenzweig 86,855 * Henry L. Guy 74,479 (2) * J. Bryan Kitchen 27,244 * G. Douglas Tackett, Jr. 11,138 * Aldo J. Mazzaferro 10,305 (3) * All Directors, Nominees and Executive Officers as a group (7 persons) 1,301,336 12.85% *Less than 1% (1) Includes 783,998 shares held by UPG Enterprises, LLC, of which Mr. Hutter has shared voting power and shared dispositive power. (2) Includes 606 shares held in custodial accounts for minor children; and 7,889 shares held in a revocable trust. (3) Includes 3,000 shares held in a self directed IRA PROPOSAL 1 - ELECTION OF DIRECTORS The Certificate of Incorporation of the Company provides that the Board of Directors shall consist of not less than three nor more than 15 individuals. Upon recommendation of the Corporate Governance Committee and discussion by the current Board of Directors, the Board of Directors has fixed the number of directors constituting the full Board at five members and recommends that the five nominees listed in the table that follows be elected as directors to serve for a term of one year until the next Annual Meeting or until their successors are elected and qualified to serve. Each of the nominees has consented to be named in this Proxy Statement and to serve as a director if elected. If cumulative voting is not requested, the proxy agents named in the Board of Directors' form of

View Full Filing

View this DEF 14A filing on SEC EDGAR