NEW YORK, Oct. 15, 2009 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (the "Company") today announced that the Securities and Exchange Commission has declared effective its resale registration statement on Form S-1 covering 54,756,950 shares of common stock held by the selling stockholders named in the registration statement.
The resale registration statement, while effective, allows the selling stockholders named in the registration statement to publicly resell their shares of common stock, subject to lock-up agreements, applicable to approximately 43.9 million shares, entered in connection with the Company's July 2009 underwritten public offering. The registration statement was filed on behalf of the named selling stockholders, and the Company will not receive any proceeds from the resale of the common stock.
The Company expects that it will subsequently file an additional resale registration statement covering restricted common stock not included in the resale registration statement referred to in this press release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock described above, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Globe Specialty Metals
Globe Specialty Metals, Inc. is among the world's largest producers of silicon metal and silicon-based alloys, critical ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The Company is headquartered in New York, N.Y.
Forward-Looking Statements
This release may contain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the current expectations and assumptions of Globe Specialty Metals, Inc. regarding its business, financial condition, the economy and other future conditions.
Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; increases in the cost of raw materials or energy; competition in the metals and foundry industries; environmental and regulatory risks; ability to identify liabilities associated with acquired properties prior to their acquisition; ability to manage price and operational risks including industrial accidents and natural disasters; ability to manage foreign operations; changes in technology; ability to acquire or renew permits and approvals; and other risk factors described in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on October 5, 2009.
Any forward-looking statement made by the Company in this release speaks only as of the date on which it makes it. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, unless otherwise required to do so under the law or the rules of the NASDAQ Global Select Market.