Art's-Way Manufacturing enters up to $3M stock purchase agreement with Alumni Capital LP

ARTS WAY MANUFACTURING CO INC

Sale of up to $3M common stock to Alumni Capital LP; 20,000 initial commitment shares issued.
Stock sold at 3-5% discount to lowest traded price in prior 5 days; no short selling allowed.
Proceeds for capital equipment, new product development, working capital, and potential acquisitions.
Alumni Capital cannot own >9.99% of outstanding shares; CEO David King remains, board unchanged.
Registration statement to be filed for resale; agreement expires June 30, 2023 or when $3M reached.

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