PARK AEROSPACE CORP. COMMENTS ON SCHEDULE 13D FILED BY RAGING CAPITAL MANAGEMENT, LLC
02 April 2020 - 3:09AM
Park Aerospace Corp. (NYSE-PKE) offered comments on the Schedule
13D filed by Raging Capital Management, LLC on March 30, 2020
encouraging Park to “aggressively buy back [the Company’s] stock
via the Company’s existing and an expanded buyback program”.
Park’s comments are as follows:
- Park has an existing stock buy-back authorization for
1,394,015 shares of its stock.
- Park is currently in a “black-out” period and therefore
is not able to buy its stock on the open market until after Park
announces its results for the fiscal year and fourth quarter ended
March 1, 2020. Park expects to announce those results on or
before May 15, 2020.
- Park’s management is in regular communication with its key
shareholders, including Raging Capital, on an ongoing basis, and
Park values its relationships with its shareholders and the inputs
and recommendations received from them.
- Park’s board of directors regularly reviews and evaluates the
Company’s capital allocation strategies in conjunction with Park’s
outside advisers, and Park’s board will carefully review and
evaluate the stock buy-back recommendation contained in Raging
Capital’s Schedule 13D.
Park Aerospace Corp. develops and manufactures
solution and hot-melt advanced composite materials used to produce
composite structures for the global aerospace markets. Park’s
advanced composite materials include film adhesives (undergoing
qualification) and lightning strike materials. Park offers an
array of composite materials specifically designed for hand lay-up
or automated fiber placement (AFP) manufacturing
applications. Park’s advanced composite materials are used to
produce primary and secondary structures for jet engines, large and
regional transport aircraft, military aircraft, Unmanned Aerial
Vehicles (UAVs commonly referred to as “drones”), business jets,
general aviation aircraft and rotary wing aircraft. Park also
offers specialty ablative materials for rocket motors and nozzles
and specially designed materials for radome applications. As
a complement to Park’s advanced composite
materials offering, Park designs and fabricates
composite parts, structures and assemblies and low volume tooling
for the aerospace industry. Target markets for Park’s
composite parts and structures (which include Park’s proprietary
composite SigmaStrut™ and AlphaStrut™ product lines) are, among
others, prototype and development aircraft, special mission
aircraft, spares for legacy military and civilian aircraft and
exotic spacecraft. Park’s objective is to do what others are
either unwilling or unable to do. When nobody else wants to
do it because it is too difficult, too small or too annoying, sign
us up.
Additional corporate information is available on
the Company’s web site at www.parkaerospace.com.
Contact: Martina Bar Kochva(631) 465-3612
Park Aerospace (NYSE:PKE)
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