GREENVILLE, S.C., Oct. 21 /PRNewswire/ -- KEMET Corporation (NYSE Amex: KEM) (the "Company") today announced the filing of a resale shelf registration statement on Form S−3 with the Securities and Exchange Commission ("SEC") covering 30,000,000 shares of the Company's common stock, par value $0.01 per share.
The resale shelf registration statement relates to a potential secondary offering by a selling stockholder, K Equity, LLC ("K Equity"), which is an affiliate of Platinum Equity Capital Partners II, L.P. K Equity holds a warrant to purchase 80,544,685 shares of the Company's common stock (the "Platinum Warrant"). The Platinum Warrant is immediately exercisable, partially or in full, at an exercise price of $0.35 per share. The exercise price may be paid in cash or through a "net exercise" in which the number of shares of common stock to be issued on exercise of the warrant will be reduced by a number of shares of common stock with a total value equal to the aggregate exercise price of the portion of the warrant being exercised. K Equity will retain the portion of the Platinum Warrant that is not exercised. The resale shelf registration statement was filed to satisfy the Company's obligations related to a demand registration request by K Equity pursuant to an investor rights agreement.
After the resale shelf registration statement has been declared effective by the SEC, up to 30,000,000 shares of the Company's common stock may be offered to the public by K Equity. The specific amounts, prices and manner of distribution will be set forth in a subsequent filing made with the SEC at the time of each offering. Any offer to sell, or solicitation of an offer to buy securities, if and when such offer is made, will be pursuant to a prospectus or a prospectus supplement that will be issued with respect to any such offering.
The resale shelf registration statement has been filed with the SEC but is not yet effective. The securities registered under the resale shelf registration statement may not be sold, nor may offers to buy be accepted prior to the time the resale shelf registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The Company's common stock is listed on the NYSE Amex under the ticker symbol "KEM" (NYSE Amex: KEM). KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world's most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics.
William M. Lowe, Jr.
Executive Vice President and
Chief Financial Officer
SOURCE KEMET Corporation