SCHEDULE: Ancora Reduces Ampco Pittsburgh Stake Below 5%

Ancora and its affiliated entities have filed an amended Schedule 13D, disclosing that their beneficial ownership in Ampco Pittsburgh Corp. has fallen below the 5% threshold.

Summary

• This filing is Amendment No. 3 to a Schedule 13D, reporting changes in beneficial ownership of Common Stock, par value $1.00 per share, of AMPCO PITTSBURGH CORP.
• As of November 13, 2025, the Reporting Persons (Ancora Alternatives LLC, Ancora Merlin, LP, ANCORA MERLIN INSTITUTIONAL, LP, Ancora Catalyst, LP, Ancora Catalyst Institutional, LP, Ancora Holdings Group, LLC, and Fredrick D. DiSanto) ceased to beneficially own more than 5% of the outstanding shares of Ampco Pittsburgh Corp.
• The aggregate beneficial ownership by Ancora Alternatives LLC and Ancora Holdings Group, LLC is 784,432 shares, representing approximately 3.9% of the outstanding shares.
• Fredrick D. DiSanto beneficially owns 857,065 shares, constituting approximately 4.2% of the outstanding shares, which includes 72,633 shares directly owned and shared ownership of 784,432 shares.
• The total number of shares outstanding used for percentage calculation is 20,326,389 as of November 7, 2025.
• Transactions in the last 60 days involved sales of Common Stock by Ancora Merlin, LP (10,422 shares), Ancora Merlin Institutional, LP (101,559 shares), Ancora Catalyst, LP (8,968 shares), and Ancora Catalyst Institutional, LP (103,095 shares), totaling 224,044 shares sold across these entities.
• Sale prices per security ranged from $2.1840 to $2.4539 during the period from September 23, 2025, to November 14, 2025.

Sentiment

Score: 3

Explanation: The reduction of beneficial ownership by Ancora and its affiliates below the 5% threshold suggests a significant divestment, which can be interpreted as a lack of conviction or a strategic exit by a notable investor group. This is generally a bearish signal for the stock.

Positives

• For Ampco Pittsburgh Corp., the reduction in stake by an activist investor group like Ancora may lead to decreased activist pressure and allow management to focus on long-term strategic plans without immediate external influence.
• For Ancora, the divestment indicates a strategic portfolio adjustment, potentially realizing gains or reallocating capital to other opportunities.

Negatives

• The reduction of beneficial ownership below 5% by a significant investor group like Ancora could be perceived as a negative signal by the market, potentially indicating a lack of confidence in Ampco Pittsburgh Corp.'s future prospects or current valuation.
• The divestment could lead to increased selling pressure on the stock in the short term.

Risks

• A significant reduction in ownership by a major institutional investor could lead to a decline in investor confidence and potentially impact the company's share price.
• The exit of an activist investor might remove a source of external oversight or pressure that could have driven strategic changes or improved corporate governance.

Future Outlook

NA

Industry Context

This filing primarily concerns a change in the ownership structure of Ampco Pittsburgh Corp. by a specific institutional investor group, Ancora. It does not provide information directly related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders may view the reduction in stake by a significant investor group as a negative signal, potentially impacting investor confidence and share price.
• The company's management may experience reduced pressure from an activist investor, allowing for potentially more stable long-term planning, but also losing a source of external challenge or strategic input.

Key Dates

Recommendation

The divestment by Ancora and its affiliated entities, reducing their beneficial ownership below 5%, signals a potential lack of confidence or a strategic exit from the investment. This action by a notable investor group could exert downward pressure on the stock price and warrants a cautious approach, suggesting a 'sell' recommendation for investors.

Keywords

Ampco Pittsburgh, Ancora, Schedule 13D/A, beneficial ownership, stake reduction, common stock, institutional investor, divestment, share sales