Astronics Corporation Initiates $30.0 Million At-The-Market Program

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EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense, and other mission critical industries, today announced it has initiated an at-the-market (“ATM”) equity offering program for the sale from time to time of shares of the Company’s common stock (the “Common Stock”) having an aggregate sales price of up to $30.0 million. The timing and volume of any sales of shares of Common Stock under the ATM program will depend on a variety of factors to be determined by the Company. Shares of Common Stock under the ATM program will be offered through Wells Fargo Securities, LLC (“Wells Fargo”) and HSBC Securities (USA) Inc. (“HSBC”), as sales agents. Wells Fargo and HSBC may sell shares of Common Stock by any lawful method deemed to be an “at-the-market offering” defined by Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation sales made directly on the Nasdaq Global Select Market, on any other existing trading market for the shares of Common Stock, to or through a market maker or in negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.

The prospectus supplement filed today adds to, updates or otherwise changes information contained in the existing prospectus contained in a shelf registration statement on Form S-3 (File No. 333-272423), which was declared effective by the Securities and Exchange Commission (the “SEC”) on June 20, 2023. Prospective investors should read the prospectus, the prospectus supplement and other documents the Company has filed with the SEC (some of which are incorporated by reference into the prospectus and prospectus supplement) for more complete information about the Company and the ATM program, including the risks associated with investing in the Company. Copies of the prospectus supplement and related prospectus may be obtained from Wells Fargo Securities LLC, 500 West 33rd Street, New York, New York 10001, Attention: Equity Syndicate Department (fax no: (212) 214-5918) and from HSBC Securities (USA) Inc., (ny.equity.syndicate@us.hsbc.com). Investors may also obtain copies of the prospectus supplement and accompanying prospectus relating to the ATM offering without charge by visiting the SEC’s website at www.sec.gov.

This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any shares of Common Stock of the Company, which is made only by means of a prospectus supplement and related prospectus. There will be no sale of shares of Common Stock in any jurisdiction in which the offer, solicitation of an offer to buy or sale would be unlawful.

About Astronics Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.

Forward Looking Statements
This news release contains 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, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions and includes all statements regarding the aggregate sales price of shares of Common Stock to be sold under the ATM program, the prices of any shares of Common Stock to be sold under the ATM program and the timing of any sales under the ATM program. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the continued impact of supply chain constraints, trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the need for new and advanced test and simulation equipment, customer preferences and relationships, and other factors which are described in filings by the Company with the SEC. Except as required by applicable law, the Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.

For more information on Astronics and its solutions, visit Astronics.com.

Company Contact:
David C. Burney
Executive Vice President and CFO
invest@astronics.com
+1.716.805.1599

Investor Contact:
Kei Advisors LLC
Deborah K. Pawlowski, Investor Relations
dpawlowski@keiadvisors.com
+1.716.843.3908

Source: Astronics Corporation

Released August 8, 2023