Aerojet Rocketdyne Executive Chairman Warren Lichtenstein Issues Final Statement Ahead of Special Meeting
June 28 2022 - 8:30AM
Business Wire
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) (“Aerojet
Rocketdyne” or the “Company”) Executive Chairman Warren
Lichtenstein, who collectively with his affiliates and the
participants in his solicitation owns approximately 5.6% of the
Company's outstanding shares, today issued the below statement
ahead of a special meeting of shareholders (the “Special Meeting”)
scheduled to be held on June 30, 2022. As a reminder, Mr.
Lichtenstein is seeking support on the GREEN Proxy Card to elect his refreshed slate
of highly qualified candidates to the Company’s Board of Directors
(the “Board”). Learn more about the slate and its plan for enhanced
value creation by visiting www.SaveAerojet.com.
Mr. Lichtenstein commented:
“Aerojet Rocketdyne’s viability as a functioning and sellable
business hangs in the balance at this week’s Special Meeting. If
shareholders elect Eileen Drake’s slate of director candidates,
they will be solidifying the power of a rogue Chief Executive
Officer who refuses to acknowledge the Company’s financial and
operational deterioration and has not put forth a strategic plan.
Shareholders should not be fooled by Ms. Drake’s attempts to
downplay the last 18 months of evident cash flow issues, customer
complaints, employee attrition and program performance lapses. Her
unwillingness to pre-release second quarter results signals that
the Company is, in fact, reeling from neglect. These problems need
to be immediately addressed by a credible Chief Executive Officer
and an engaged Board, or else hundreds of millions – if not
billions – of dollars in value will be destroyed. Fortunately, Mark
Tucker and the rest of our refreshed slate have diagnosed Aerojet
Rocketdyne’s vulnerabilities and outlined a comprehensive
fix-and-repair plan that targets at least $65 per share within
three years.”
***
VISIT WWW.SAVEAEROJET.COM TO LEARN ABOUT THE
LICHTENSTEIN NOMINEES AND THEIR PLAN FOR VALUE CREATION.
VOTE THE GREEN
PROXY CARD.
***
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that reflect Steel Partners Holdings L.P.’s (“SPLP”)
current expectations and projections about its future results,
performance, prospects and opportunities. SPLP identifies these
forward-looking statements by using words such as "may," "should,"
"expect," "hope," "anticipate," "believe," "intend," "plan,"
"estimate," "will" and similar expressions. These forward-looking
statements are based on information currently available to SPLP and
are subject to risks, uncertainties and other factors that could
cause its actual results, performance, prospects or opportunities
to differ materially from those expressed in, or implied by, these
forward-looking statements. These factors include, without
limitation, the adverse effects of the COVID-19 pandemic to SPLP’s
business, results of operations, financial condition and cash
flows; material weaknesses in SPLP’s internal control over
financial reporting; fluctuations in crude oil and other commodity
prices; substantial cash funding requirements that may be required
in the future as a result of certain of SPLP’s subsidiaries’
sponsorship of defined benefit pension plans; significant costs,
including remediation costs, as a result of complying with
environmental laws or failing to comply with other extensive
regulations, including banking regulations; the impact of climate
change legislation or regulations restricting emissions of
greenhouse gases on costs and demand for SPLP’s services; impacts
to SPLP’s liquidity or financial condition as a result of
legislative and regulatory actions; SPLP’s ability to maintain
sufficient cash flows from operations or through financings to meet
its obligations under its senior credit facility; risks associated
with SPLP’s business strategy of acquisitions; losses sustained in
SPLP’s investment portfolio; the impact of interest rates on SPLP’s
investments, such as increased interest rates or the use of a SOFR
based interest rate in SPLP’s credit facilities; reliance on the
intellectual property owned by others and SPLP’s ability to protect
its own intellectual property and licenses; risks associated with
conducting operations outside of the United States, including
changes in trade policies and the costs or limitations of acquiring
materials and products used in SPLP’s operations; risks of
litigation; impacts to SPLP’s WebBank business as a result of the
highly regulated environment in which it operates, as well as the
risk of litigation regarding the processing of PPP loans and the
risk that the SBA may not fund some or all PPP loan guaranties;
potentially disruptive impacts from economic downturns in various
sectors; loss of customers by SPLP’s subsidiaries as a result of
not maintaining long-term contracts with customers; risks related
to SPLP’s key members of management and the senior leadership team;
SPLP’s agreement to indemnify its manager pursuant to its
management agreement, which may incentivize the manager to take
unnecessary risks; risks related to SPLP’s common and preferred
units, including potential price reductions for current unitholders
if additional common or preferred units are issued, as well as the
lack of an active market for SPLP’s units as a result of transfer
restrictions contained in SPLP’s partnership agreement; the ability
of SPLP’s subsidiaries to fully use their tax benefits; impacts as
a result of changes in tax rates, laws or regulations, including
U.S. government tax reform; labor disruptions as a result of
vaccine mandated by the United States federal government. These
statements involve significant risks and uncertainties, and no
assurance can be given that the actual results will be consistent
with these forward-looking statements. Investors should read
carefully the factors described in the "Risk Factors" section of
SPLP's filings with the SEC, including SPLP's Form 10-K for the
year ended December 31, 2021, for information regarding risk
factors that could affect SPLP's results. Any forward-looking
statement made in this press release speaks only as of the date
hereof. Except as otherwise required by law, SPLP undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
changed circumstances, or any other reason.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220628005500/en/
Longacre Square Partners Greg Marose / Joe Germani
gmarose@longacresquare.com / jgermani@longacresquare.com
Okapi Partners Mark Harnett / Christian Jacques
mharnett@okapipartners.com / cjacques@okapipartners.com
Aerojet Rocketdyne (NYSE:AJRD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aerojet Rocketdyne (NYSE:AJRD)
Historical Stock Chart
From Apr 2023 to Apr 2024