(RTTNews) - Farm machinery manufacturer Art's-Way Manufacturing Co. Inc. (ARTW: News ), Wednesday announced that Ward McConnell, Jr., executive chairman of its board, would resell registered shares of Art's Way common stock beneficially owned by him from time to time. Art's-Way said it believes that facilitating resales of its common stock by McConnell may, over time, diversify its stockholder base.
The company said it filed a resale registration statement on Form S-3 with the Securities and Exchange Commission pertaining to shares of Art's Way common stock owned by J. Ward McConnell, Jr.
The Armstrong, Iowa-based company said the resale would also create additional liquidity for Art's Way's minority stockholders. Art's Way said it had no reason to believe that McConnell currently intended to dispose of his Art's Way stockholdings in transactions that would be significant in amount.
Art's Way said the registration statement, once effective, may allow Mr. McConnell to resell the registered shares of Art's Way common stock beneficially owned by him at then-current market prices.
McConnell, Jr., said," I want to assure our shareholders I have no immediate plans to sell significant quantities of my Art's Way shares. We believe the resale registration of these shares may provide Art's Way with some additional future flexibility."