The agreement includes purchases of stock at the discretion of Art's Way in an aggregate amount of up to $3 million.
The proceeds are expected to be used for general corporate expenses, working capital, acquisitions of assets, businesses or operations.
Art's Way's board of directors and current corporate structure will remain the same including CEO, David King. McConnell Legacy Investments will continue to be the largest shareholder in the equipment manufacturing firm.
King stated that, "This investment will support our efforts in bringing on more needed capital equipment for improving plant efficiency and product quality such as a CNC break press, finished goods lift and high-def plasma. Adding additional staff to bring new innovative products to market faster will also be a priority. Alumni Capital's investment will significantly speed up those efforts."
In other news, ARTW reported a 3.9% year-over-year growth in consolidated revenue to $5.61M for Q1 of FY22. The growth was driven by a 18.9% growth in Agricultural Products sales.
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