DELAND, Fla., Feb. 28, 2018 (GLOBE NEWSWIRE) -- ARC Group Worldwide, Inc.  (NASDAQ:ARCW), a leading global provider of advanced manufacturing and metal 3D printing solutions, today announced that its rights offering of common shares closed today, raising gross proceeds of $10.0 million, before payment of expenses, through the issuance of 5,000,000 shares of common stock at $2.00 per share. This includes 3,257,645 shares issued to Everest Hill Group, ARC’s largest shareholder, upon exercise of its basic subscription rights and backstop purchase agreement. After giving effect to the rights offering, Everest Hill Group will own approximately 52.9% of the outstanding share of the Company’s common stock.

Brian Knaley, ARC’s CFO, stated, “Proceeds from the rights offering will provide us additional working capital for our general corporate purposes. The completed transaction demonstrates continued support by existing and new shareholders for the Company’s business model and strategic vision.”

About ARC Group Worldwide, Inc.

ARC Group Worldwide, Inc. is a global advanced manufacturing and metal 3D printing service provider focused on accelerating speed to market for its customers. ARC provides a holistic set of precision manufacturing solutions, from design and prototyping through full run production. These solutions include metal injection molding, metal 3D printing, metal stamping, plastic injection molding, clean room injection molding, thixomolding, and rapid and conformal tooling. Further, ARC utilizes technology to improve automation in manufacturing through robotics, software and process automation, and lean manufacturing to improve efficiency.