Barranquilla based Technoglass (NASDAQ: TGLS) has filed with the SEC a form S-4 proposing to exchange outstanding warrants for ordinary shares. Under the offer, each warrant holder will be able to receive one share in exchange for every 2.6 outstanding warrants. Upon approval, the offer will be extended to all Technoglass warrant holders to purchase shares that were issued during the company’s March, 2012 IPO, and all warrant holders to purchase ordinary shares issued in private placements issued before or concurrent with the December 2013 initial business combination.
Technoglass bills itself as the #1 architectural glass and aluminum products company in Latin America, serving both residential and commercial construction customers. Technoglass exports from its 2.3 million square foot factory on Colombia’s north coast to over 800 customers, with the US accounting for 51% of the company’s revenue in 2014.
Above: Technoglass products were used to construct the South Miami Cultural Arts Center in the US (photo courtesy of Technoglass)
Warrant holders may tender some or all of their warrants on the proposed terms. No fractional ordinary shares will be issued pursuant to the Offer. In lieu of issuing fractional shares, the Company will round up to the nearest whole share based upon the aggregated number of Warrants tendered by the holder. The registration statement has not yet been declared effective and the information contained in the filing is subject to change. Tecnoglass will make an announcement when it commences the exchange offer.