<SEC-DOCUMENT>0000897069-22-000228.txt : 20220419
<SEC-HEADER>0000897069-22-000228.hdr.sgml : 20220419
<ACCEPTANCE-DATETIME>20220419171337
ACCESSION NUMBER:		0000897069-22-000228
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220419
DATE AS OF CHANGE:		20220419

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN VANGUARD CORP
		CENTRAL INDEX KEY:			0000005981
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		IRS NUMBER:				952588080
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13795
		FILM NUMBER:		22835610

	BUSINESS ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-260-1200

	MAIL ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AEROCON INC
		DATE OF NAME CHANGE:	19720620

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cruiser Capital Advisors, LLC
		CENTRAL INDEX KEY:			0001713506
		IRS NUMBER:				272711147
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		110 CENTRAL PARK SOUTH
		STREET 2:		17AB
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-829-5833

	MAIL ADDRESS:	
		STREET 1:		110 CENTRAL PARK SOUTH
		STREET 2:		17AB
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>cmw410.htm
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">(Amendment No. ____)</div>
    <div>Filed by the Registrant [&#160; ]</div>
    <div style="margin-bottom: 6pt;">Filed by a Party other than the Registrant [X]</div>
    <div style="margin-bottom: 6pt;">Check the appropriate box:</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Preliminary Proxy Statement</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Proxy Statement</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Additional Materials</div>
    <div style="margin-bottom: 6pt;">[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Soliciting Material under Rule 14a-12</div>
    <div style="text-align: center; margin-top: 6pt;"><u>AMERICAN VANGUARD CORPORATION</u></div>
    <div style="text-align: center;">(Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Cruiser Capital Advisors, LLC</div>
    <div style="text-align: center;">Keith M. Rosenbloom</div>
    <div style="text-align: center;">Cruiser Capital Master Fund LP</div>
    <div style="text-align: center;">Metamorphosis VI LLC</div>
    <div style="text-align: center;">Patrick E. Gottschalk</div>
    <div style="text-align: center;">Mark R. Bassett</div>
    <div style="text-align: center;"><u>Charles S. Rose</u></div>
    <div style="text-align: center;">Name of Person(s) Filing Proxy Statement if other than the Registrant)</div>
    <div><br>
    </div>
    <div>Payment of Filing Fee (Check the appropriate box):</div>
    <div><br>
    </div>
    <div>[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>No fee required.</div>
    <div><br>
    </div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z035c5603950d45be81d76c70916f0f60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Title of each class of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7e5e3978cfeb440e9ba8cb1072b02789" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Aggregate number of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6d7c18dbf3144d30adda1b4ea657aba8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and
              state how it was determined):</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za700203464a64e0c8ad5e6bc87407bbb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Proposed maximum aggregate value of transaction:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z8db8aef3735449788767bce1600e3a32" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Total fee paid:</div>
          </td>
        </tr>

    </table>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee paid previously with preliminary materials.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">[&#160; ]</td>
          <td style="width: auto; vertical-align: top;">
            <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160;
              Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z56a4670ed6c841cf973fd42da46371df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Amount Previously Paid:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze3fd4ac3a676421c895efe5a9c06dfc2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Form, Schedule or Registration Statement No.:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6b031c09fe2947bf9bd907b71ee05237" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Filing Party:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z8876233ad44c4cf9a490358f15db5538" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Date Filed:</div>
          </td>
        </tr>

    </table>
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    <div style="text-align: center; font-weight: bold;"><u>Cruiser Capital Master Fund LP</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cruiser Capital Master Fund LP (&#8220;<u>Cruiser
          Capital</u>&#8221;), together with the other participants named herein, intends to file a preliminary proxy statement and accompanying BLUE proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of
      its slate of highly-qualified director nominees at the 2022 annual meeting of stockholders of American Vanguard Corporation, a Delaware corporation (the &#8220;<u>Company</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A copy of a news article is attached hereto in accordance with Rule 14a-12 of the Securities Exchange Act of 1934,
      as amended.&#160; Cruiser may share information in the news article with stockholders of the Company. The Participants (as defined below) are not affiliated with the publication or the author of the news article, and do not endorse or make any
      representations or warranties concerning the news article.&#160; The consent of the author and the publication to file the news article under Rule 14a-12 was neither sought nor obtained.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Important Information</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This filing is not a solicitation of a
        proxy from any security holder of American Vanguard Corporation, a Delaware corporation (the &#8220;<u>Company</u>&#8221;).&#160; Cruiser has nominated four individuals as nominees to the Company&#8217;s board of directors and intends to solicit votes for the election of those individuals as members of the Company&#8217;s board of directors.&#160; The
        individuals that have been nominated are Keith M. Rosenbloom, Patrick E. Gottschalk, Mark R. Bassett and Charles S. Rose (the &#8220;<u>Nominees</u>&#8221;).&#160; Cruiser Capital Master Fund LP will send a definitive proxy statement, BLUE proxy card and
        related proxy materials to shareholders of the Company seeking their support of the Nominees at the Company&#8217;s 2022 Annual Meeting of Stockholders.&#160; <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and BLUE proxy card when they become available, because they will contain important information about the Nominees, the Company and related matters.&#160; </font>Stockholders may obtain a free copy of the definitive proxy statement and BLUE proxy card (when available) and other documents filed with the Securities and Exchange Commission
        (&#8220;<u>SEC</u>&#8221;) by Cruiser Capital and its affiliates (the &#8220;<u>Cruiser Capital Parties</u>&#8221;) at the SEC&#8217;s web site at www.sec.gov.&#160; The definitive proxy
        statement (when available) and other related SEC documents filed with the SEC by the Cruiser Capital Parties may also be obtained free of charge from the Cruiser Capital Parties, upon request.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Participants in Solicitation</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following persons may be deemed to be participants in the planned solicitation from the Company&#8217;s shareholders
      of proxies in favor of the Nominees (the &#8220;<u>Participants</u>&#8221;): Cruiser Capital Advisors, LLC, Keith M. Rosenbloom, Cruiser Capital Master Fund LP, Metamorphosis VI
      LLC (&#8220;<u>Metamorphosis</u>&#8221;), Patrick E. Gottschalk, Mark R. Bassett and Charles S. Rose.&#160; The Participants may have interests in the solicitation, including as a
      result of holding shares of the Company&#8217;s common stock.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date hereof, Cruiser Capital Advisors, LLC (&#8220;<u>Cruiser Capital Advisors</u>&#8221;) beneficially owns 716,334&#160;shares of common stock, $0.10 par value per share, of the Company (the &#8220;<u>Common
          Stock</u>&#8221;).&#160; Cruiser Capital Advisors has voting and dispositive power over these shares, which it manages for Cruiser Capital, Metamorphosis and separately managed accounts (collectively, the &#8220;<u>Cruiser Clients</u>&#8221;).&#160; As of the date hereof, Keith M. Rosenbloom beneficially owns 716,334 shares of Common Stock.&#160; Because Mr. Rosenbloom is the managing member of Cruiser Capital Advisors, he is
      deemed to share voting power and dispositive power over the shares of Common Stock managed for the Cruiser Clients.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date hereof, Cruiser Capital is the holder of record of 1,000 shares of Common Stock, which shares are
      reflected in the aggregate beneficial ownership reported above.&#160; All of the other shares of Common Stock held by Cruiser Capital, 267,028 shares, are held in street name, and are reflected in the aggregate beneficial ownership reported above.&#160; As of
      the date hereof, Metamorphosis owns 159,804 shares of Common Stock in street name, which shares are reflected in the aggregate beneficial ownership reported above.</div>
    <div style="text-indent: 36pt;">As of the date hereof, Patrick E. Gottschalk beneficially owns 1,010 shares of Common Stock.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">American Vanguard Rejects Cruiser Capital&#8217;s Director Nominees</div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">By Scott Deveau</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">April 19, 2022,</font><font style="font-size: 12pt;">&#160;</font><font style="font-weight: bold;">5:15 AM CDT Updated on April 19, 2022, 9:44 AM CDT</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">American Vanguard Corp. has rejected a slate of four directors put forth by activist investor
      Cruiser Capital Advisors, arguing the nominees wouldn&#8217;t add value to the board and lacked enthusiasm for joining.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">Cruiser, run by Keith Rosenbloom, told American Vanguard last month when it nominated the
      directors that it held a roughly 0.2% stake in the agricultural chemical producer, the company said in a regulatory filing Tuesday, confirming an earlier report by Bloomberg News. Cruiser now claims to own about 3% of the company, it said.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">American Vanguard believes that Cruiser, which said it was nominating the directors to help
      improve the company&#8217;s operations, didn&#8217;t offer enough details on how that would be achieved.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">Rosenbloom said in an emailed statement that he believed American Vanguard has the potential to
      be a highly-profitable platform but is undermanaged. He said it&#8217;s failed to generate meaningful returns over the past decade, and a more focused management team could improve the company&#8217;s earnings before interest, tax, depreciation and amortization
      margin to &#8220;well north&#8221; of 15%, from 10% today.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">&#8220;We think the opportunity is substantial, but the company&#8217;s board has demonstrated poor capital
      allocation decisions over the past 10 years and we are deeply concerned about how free cash flow will be allocated,&#8221; Rosenbloom said.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">In addition to Rosenbloom, Cruiser nominated its director of research, Charles Rose; former
      Union Carbide Corp. chairman and chief executive officer Patrick Gottschalk; and former Hemlock Semiconductor chairman and CEO Mark Bassett. All four were interviewed by the American Vanguard board, which decided to reject them because the nominees
      either wouldn&#8217;t add value to the board or expressed reservations about joining, the company said in the filing.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">The board considered, among other factors, the lack of relevant experience in agricultural
      chemicals, sustainable agriculture, precision applications, agribusiness, regulatory, or other relevant expertise, as well as the lack of diversity of any kind among the Cruiser nominees, it said in the filing.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">Rosenbloom said he didn&#8217;t believe the vetting of its nominees was made in good faith.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">&#8220;As for their review process of our board nominees, it was perfunctory at best -- but it&#8217;s
      exactly what one would expect from a board who has been paid millions of dollars while its shareholders have seen virtually no historical return,&#8221; Rosenbloom said Tuesday.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">Shares of Newport Beach, California-based American Vanguard have climbed 39% this year through
      Monday&#8217;s close. They rose 2.6% to $23.45 at 10:39 a.m. in New York trading Tuesday, giving the company a market value of about $726 million.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">American Vanguard is benefiting from the fundamental strength in its sector that has been
      amplified by the war in Ukraine, which has created a fertilizer shortage and increased the value of North American crops.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">Cruiser previously agitated for changes in the sector in 2018, when it nominated four directors
      to Ashland Global Holdings Inc.&#8217;s board to help oversee its transition to a pure-play chemical company. Cruiser reached a settlement at the company the following year that saw one of its nominees appointed to the board.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">It also was also given two seats on the board of A. Schulman Inc. in a settlement in 2017. A.
      Schulman was later sold to LyondellBasell Industries N.V.</div>
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