Ascent Industries (NASDAQ:ACNT) held its 2026 annual meeting of stockholders, with Chairman Ben Rosenzweig calling the meeting to order and confirming that a quorum was present for the transaction of business.
Rosenzweig said proxy materials were made available electronically or mailed beginning on or about April 30, 2026, to stockholders of record as of April 16, 2026. As of the record date, the company had 9,109,872 shares issued and outstanding and entitled to vote.
Stockholders Approve Annual Meeting Proposals
- The election of Carmen Giannantonio, Henry Guy, Chris Hutter, J. Bryan Kitchen, Aldo Mazzaferro, Jeremy Rowan and Ben Rosenzweig as directors to serve until the 2027 annual meeting of stockholders.
- Approval, on a non-binding advisory basis, of the compensation of the company’s named executive officers.
- Ratification of the appointment of Baker Tilly LLP as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2026.
Rosenzweig also said there were no stockholder nominations for director or proposals for other business submitted in accordance with the company’s bylaws, limiting the meeting’s formal business to the three proposals listed in the proxy statement.
Management Discusses 10b5-1 Trading Plans
Following the formal portion of the meeting, Rosenzweig and Chief Executive Officer Bryan Kitchen responded to shareholder questions submitted virtually. Before the question-and-answer portion, Rosenzweig cautioned that management’s remarks could contain forward-looking statements and referred investors to the risk factors described in the company’s annual report on Form 10-K for the year ended Dec. 31, 2025.
In response to a question about whether a new 10b5-1 plan would be filed after the company’s prior plan expired on May 11, 2026, Kitchen said, “Absolutely.” He added that the company was in a blackout window and said, “as soon as that’s lifted, we will be back in the market.”
Rosenzweig added that a 10b5-1 plan is not needed when the company is in an open trading window because it can acquire stock directly in the open market. He said such plans are used during periods when the company cannot acquire stock because of non-public information or ahead of an earnings release.
“As good corporate governance, we intend to continue putting in 10b5-1 plans to be opportunistic in the market to continue to use our excess cash to acquire our stock,” Rosenzweig said. He added that the board was aligned with Kitchen’s comments on the matter.
Midwest Integration Said to Be Progressing to Plan
Kitchen also addressed a shareholder question about the integration of the Midwest business. He said the integration was “progressing to plan” and that management was encouraged by growth opportunities being identified with the Midwest team.
Kitchen said the company was making “incredible progress” on synergies and broader integration efforts, including ERP harmonization. “Very, very excited about the transaction,” he said. “I was excited 30 days ago. I’m even more excited today than what I was 30 days ago.”
Company Plans to Exit Addison Facility
In response to a question about whether any property or buildings connected with the Midwest business could be sold or monetized, Kitchen said there is a small leased facility in Addison, Illinois. He said the lease expires in April 2027.
Kitchen said the company plans over the next fourth quarter and first quarter to begin transitioning production from that facility into other company assets, with the intent to close the Addison facility at the end of the lease term.
Rosenzweig closed the meeting by thanking shareholders for their support and management for its work, saying the company would continue working to create value.
About Ascent Industries (NASDAQ:ACNT)
Ascent Industries Co an industrials company, produces and distributes stainless steel pipe and tube and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. It manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and ornamental stainless steel tubes for automotive, commercial transportation, marine, food services, construction, furniture, healthcare, and other industries.
