Form 8-K
8-K — MARINE PRODUCTS CORP
Accession: 0001104659-26-054177
Filed: 2026-05-01
Period: 2026-05-01
CIK: 0001129155
SIC: 3730 (SHIP & BOAT BUILDING & REPAIRING)
Item: Other Events
Documents
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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 1, 2026
Marine Products Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-16263
58-2572419
(State or other jurisdiction of
incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2801 Buford Highway NE, Suite 300, Atlanta,
Georgia 30329
(Address of principal executive offices, including zip code)
(404) 321-7910
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section
12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.10 par value
MPX
New York Stock Exchange
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
Supplement to Definitive Proxy Statement
As previously disclosed, on February 5, 2026, Marine Products Corporation
(“Marine Products”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and
among MasterCraft Boat Holdings, Inc., a Delaware corporation (“MasterCraft”), Titan Merger Sub 1, Inc., a Delaware
corporation and a wholly owned, direct subsidiary of MasterCraft (“Merger Sub I”), Titan Merger Sub 2, LLC., a Delaware
limited liability company and a wholly owned, direct subsidiary of MasterCraft (“Merger Sub II”), and Marine Products.
The Merger Agreement, among other things, provides for the combination of MasterCraft and Marine Products in a stock-and-cash transaction
whereby (i) Merger Sub I will merge with and into Marine Products (the “First Merger”), with Marine Products surviving
the First Merger as a direct wholly owned subsidiary of MasterCraft, and (ii) immediately following the First Merger, Marine Products
will merge with and into Merger Sub II (the “Second Merger” and, together with the First Merger, the “Mergers”),
with Merger Sub II surviving the Second Merger as a wholly owned subsidiary of MasterCraft.
On April 2, 2026, Marine Products filed a definitive proxy statement
on Schedule 14A (the “Definitive Proxy Statement”) with the Securities and Exchange Commission (“SEC”)
and mailed the Definitive Proxy Statement to all stockholders of record of Marine Products beginning on April 6, 2026, with respect to
the special meeting of Marine Products’ stockholders to be held on May 12, 2026 via live webcast beginning at 8:00 a.m., Eastern
Time, to consider and vote on several proposals, including the approval and adoption of the Merger Agreement and the transactions contemplated
thereby.
Marine Products has received demand letters from purported Marine Products
stockholders alleging, among other things, that the Definitive Proxy Statement misrepresents and/or omits certain purportedly material
information with respect to the Mergers (collectively, the “Demand Letters”). On April 22, 2026, two purported Marine
Products stockholders filed two substantively identical complaints in the Supreme Court of the State of New York, County of New York,
against Marine Products and the members of the Marine Products board. These complaints are captioned Jones v. Marine Products
Corporation, et al., No. 652386/2026 and Morgan v. Marine Products Corporation, et al., No. 652434/2026 (the “Complaints”).
The Complaints assert New York common law claims for negligence and negligent misrepresentation and concealment based on allegedly false
and misleading statements in the Definitive Proxy Statement, and they seek to enjoin or rescind the Mergers and recover attorneys’
and experts’ fees and expenses.
Marine Products believes that the disclosures set forth in the Definitive
Proxy Statement comply fully with applicable law, denies the allegations in the pending Complaints and Demand Letters and believes no
further disclosure is required to supplement the Definitive Proxy Statement under applicable laws. However, solely to moot the claims
in the Demand Letters and Complaints and to minimize the costs, burden, nuisance, risks and uncertainties inherent in litigation, and
without admitting any liability or wrongdoing, Marine Products has determined to voluntarily supplement the disclosures contained in the
Definitive Proxy Statement with the disclosures set forth in this Current Report on Form 8-K. Nothing in this Current Report on Form 8-K
shall be deemed an admission of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein.
It is possible that additional, similar complaints may be filed, that the complaints described above may be amended or that additional
demand letters will be received by MasterCraft and/or Marine Products. If this occurs, Marine Products does not intend to announce the
filing or receipt of each additional, similar complaint or demand letter or any amended complaint unless required by law.
The Marine Products board continues to unanimously recommend that Marine
Products stockholders vote “FOR” the merger agreement proposal, “FOR” the merger-related compensation proposal,
and “FOR” the Marine Products adjournment proposal, as each is defined in the Definitive Proxy Statement.
Supplement
to the DEFINITIVE Proxy Statement
Marine Products is providing additional information regarding the Definitive
Proxy Statement to its stockholders. These disclosures should be read in connection with, and should be deemed made as of the date of,
the Definitive Proxy Statement, which should be read in its entirety. To the extent that the information set forth herein differs from
or updates information contained in the Definitive Proxy Statement, the information set forth herein shall supersede or supplement the
information in the Definitive Proxy Statement. Defined terms used but not defined herein have the meanings set forth in the Definitive
Proxy Statement. Paragraph and page references used herein refer to the Definitive Proxy Statement before any additions or deletions resulting
from the supplemental disclosures.
The disclosure in the section entitled “Summary—Interests of Directors and Executive Officers in the Mergers—Interests of Marine Products Directors and Executive Officers in the
Mergers” is hereby supplemented by amending and restating the second sentence of the first paragraph of this section on page 28
of the Definitive Proxy Statement as follows (with deleted text bold and stricken-through):
These interests may
include, among others, treatment of outstanding Marine Products equity awards in connection with the transactions
contemplated by the merger agreement, fees for each meeting of the special committee attended by each member thereof, transaction bonuses,
and rights to ongoing indemnification and insurance coverage.
The disclosure in the section entitled “Risk Factors—Risks
Related to the Mergers—Members of the management and boards of directors of MasterCraft and Marine Products have interests in the
mergers that may be different from, or in addition to, those of other stockholders.” is hereby supplemented by amending and restating
the second sentence of the third paragraph on page 60 of the Definitive Proxy Statement as follows (with deleted text bold and stricken-through):
These interests may
include, among others, treatment of outstanding Marine Products equity awards in connection with the transactions
contemplated by the merger agreement, fees for each meeting of the special committee attended by each member thereof, transaction bonuses,
and rights to ongoing indemnification and insurance coverage.
The disclosure in the section entitled “The
Mergers—Background of the Mergers” is hereby supplemented by amending and restating the first sentence of the fourth
paragraph of this section on page 79 of the Definitive Proxy Statement as follows (with new text bold and underlined):
In October 2023, as part of its routine outreach and dialogue with
recreational marine manufacturing industry participants, representatives of Truist Securities met with representatives of the family office
for the Rollins family, which is the beneficial owner of LOR, Marine Products’ largest stockholder, to discuss, among other topics,
potential liquidity and strategic alternatives available to Marine Products, including sales to private equity firms and other strategic
buyers, or secondary offerings of stock, with the goal of enhancing stockholder value.
The disclosure in the section entitled “The Mergers—Background
of the Mergers” is hereby supplemented by amending and restating the first sentence of the last paragraph on page 80 of the
Definitive Proxy Statement as follows (with new text bold and underlined):
On June 16, 2025, MasterCraft provided Marine Products with a draft
mutual non-disclosure and standstill agreement with customary terms in order to facilitate the exchange of non-public information
by both parties so that Marine Products and MasterCraft could further explore whether a potential transaction would be in the best interests
of both companies and their respective stockholders.
The disclosure in the section entitled “The Mergers—Opinion
of MasterCraft’s Financial Advisor—MasterCraft Financial Analyses—MasterCraft Selected Public Companies Analysis”
is hereby supplemented by amending and restating the third paragraph of this section on page 115 of the Definitive Proxy Statement as
follows (with deleted text bold and stricken-through and new text bold and underlined):
The companies selected by Wells Fargo and the corresponding enterprise
values and multiples were as follows:
· Malibu Boats, Inc.
· MasterCraft
Enterprise
Value / Adj. EBITDA
Company
Enterprise
Value ($m)
CY2025E
CY2026P
Malibu Boats, Inc.
$ 670
9.5x
9.1x
MasterCraft
$ 318
11.1x
9.1x
The disclosure in the section entitled “The Mergers—Opinion
of MasterCraft’s Financial Advisor—MasterCraft Financial Analyses—MasterCraft Discounted Cash Flow Analysis”
is hereby supplemented by amending and restating the second and third sentences of this section on page 116 of the Definitive Proxy Statement
as follows (with new text bold and underlined):
The present values (as of December 31, 2025) of the free cash flows
and the implied terminal values were calculated using discount rates reflecting the estimated weighted average cost of capital for MasterCraft
ranging from 10.8% to 11.5%, which range was selected by Wells Fargo based on its professional judgment and experience.
This analysis indicated a range of implied equity values per share for MasterCraft common stock, after taking into account MasterCraft’s
net cash and cash equivalents of approximately $81.4 million, catch-up taxes and non-controlling interest, in each case
as of December 31, 2025 and as provided by and approved for Wells Fargo’s use by MasterCraft management, of $35.16 to $38.80, as
compared to the closing price per share of MasterCraft common stock of $23.12 on February 4, 2026.
The disclosure in the section entitled “The Mergers—Opinion
of MasterCraft’s Financial Advisor—Marine Products Financial Analyses—Marine Products Selected Public Companies
Analysis” is hereby supplemented by amending and restating the third paragraph of this section on page 116 of the Definitive Proxy
Statement as follows (with deleted text bold and stricken-through and new text bold and underlined):
The companies selected by Wells Fargo and the corresponding enterprise
values and multiples were as follows:
· Malibu Boats, Inc.
· MasterCraft
Enterprise
Value / Adj. EBITDA
Company
Enterprise
Value ($m)
CY2025E
CY2026P
Malibu Boats, Inc.
$ 670
9.5x
9.1x
MasterCraft
$ 318
11.1x
9.1x
The disclosure in the section entitled “The Mergers—Opinion
of MasterCraft’s Financial Advisor—Marine Products Financial Analyses—Marine Products Discounted Cash Flow
Analysis” is hereby supplemented by amending and restating the second and third sentences of the first paragraph of this section
on page 117 of the Definitive Proxy Statement as follows (with new text bold and underlined):
The present values (as of December 31, 2025) of the free cash flows
and the implied terminal values were calculated using discount rates reflecting the estimated weighted average cost of capital for Marine
Products ranging from 10.8% to 11.5%, which range was selected by Wells Fargo based on its professional judgment and experience.
This analysis indicated a range of implied equity values per share for Marine Products common stock, after taking into account Marine
Products’ net cash and cash equivalents of approximately $54.2 million, catch-up taxes and pension liabilities, in
each case as of December 31, 2025 and as provided by and approved for Wells Fargo’s use by MasterCraft management, of $9.50 to $10.54,
as compared to the closing price per share of Marine Products common stock of $9.94 on February 4, 2026.
The disclosure in the section entitled “The Mergers—Opinion
of MasterCraft’s Financial Advisor—Marine Products Financial Analyses—Marine Products Discounted Cash Flow
Analysis” is hereby supplemented by amending and restating the second sentence of the second paragraph of this section on page 117
of the Definitive Proxy Statement as follows (with new text bold and underlined):
This analysis indicated a range of implied equity values per share
for Marine Products common stock, after taking into account Marine Products’ net cash and cash equivalents of approximately
$54.2 million, catch-up taxes and pension liabilities, in each case as of December 31, 2025 and as provided by and approved for
Wells Fargo’s use by MasterCraft management, of $13.00 to $14.59, as compared to the closing price per share of Marine Products
common stock of $9.94 on February 4, 2026.
The disclosure in the section entitled “The Mergers—Opinion
of Marine Products’ Financial Advisor—Financial Analyses—Marine Products Financial Analyses—Selected
Public Companies Analysis” is hereby supplemented by amending and restating the first sentence of the last full paragraph of this
section on page 123 of the Definitive Proxy Statement as follows (with new text bold and underlined):
No company or business used in this analysis is identical to Marine
Products nor, except for selected multiples applied in deriving an implied equity value per share reference range for Marine Products,
were individual metrics observed for the selected companies independently determinative of the results of such analysis.
The disclosure in the section entitled “The Mergers—Opinion
of Marine Products’ Financial Advisor—Financial Analyses—Marine Products Financial Analyses—Selected
Transactions Analysis” is hereby supplemented by amending and restating the first sentence of the last full paragraph of this section
on page 124 of the Definitive Proxy Statement as follows (with new text bold and underlined):
No company, business or transaction used in this analysis is identical
to Marine Products or the Merger nor, except for selected multiples applied in deriving an implied equity value per share reference
range for Marine Products, were individual metrics observed for the selected companies independently determinative of the results of such
analysis.
The disclosure in the section entitled “The Mergers—Opinion
of Marine Products’ Financial Advisor—Financial Analyses—Marine Products Financial Analyses—Discounted
Cash Flow Analysis” is hereby supplemented by amending and restating the second and third sentences of this section on page 124
of the Definitive Proxy Statement as follows (with new text bold and underlined):
Truist Securities calculated terminal values for Marine Products by
applying to Marine Products’ cyclical average unlevered free cash flow from June 30, 2025 through June 30, 2030 a selected range
of perpetuity growth rates, determined based on Truist Securities’ professional judgment,
of 2.0% to 3.0%. The unlevered free cash flows and terminal values were then discounted to present value (as of September 30, 2025) using
a selected range of discount rates of 12.5% to 13.5%, which discount rates were derived from
a weighted average cost of capital calculation.
The disclosure in the section entitled “The Mergers—Opinion
of Marine Products’ Financial Advisor—Financial Analyses—MasterCraft Financial Analyses—Selected
Public Companies Analysis” is hereby supplemented by amending and restating the first sentence of the last full paragraph of this
section on page 125 of the Definitive Proxy Statement as follows (with new text bold and underlined):
No company or business used in this analysis is identical to
MasterCraft nor, except for selected multiples applied in deriving an implied equity
value per share reference range for MasterCraft, were individual metrics observed for the selected companies independently
determinative of the results of such analysis.
The disclosure in the section entitled “The Merger—Opinion
of Marine Products’ Financial Advisor—Financial Analyses—MasterCraft’s Financial Analyses—Discounted Cash
Flow Analysis” is hereby supplemented by amending and restating the second and third sentences of the paragraph of this section
on page 125 of the Definitive Proxy Statement as follows (with new text bold and underlined):
Truist Securities calculated terminal values for MasterCraft by applying
to MasterCraft’s cyclical average unlevered free cash flow from June 30, 2025 through June 30, 2030 a selected range of perpetuity
growth rates, determined based on Truist Securities’ professional judgment, of 2.0% to 3.0%. The unlevered free cash
flows and terminal values were then discounted to present value (as of September 30, 2025) using a selected range of discount rates
of 12.5% to 13.5%, which discount rates were derived from a weighted average cost of capital calculation.
The disclosure in the section entitled “The Mergers—Opinion
of Marine Products’ Financial Advisor—Miscellaneous” is hereby supplemented by amending and restating the first sentence
of the second full paragraph on page 126 of the Definitive Proxy Statement as follows (with new text bold and underlined):
As the Marine Products board was aware, Truist Securities and its affiliates
(including Truist Bank) in the past have provided, currently are providing, and in the future may provide investment banking and other
financial services unrelated to the mergers to Marine Products, certain significant stockholders of Marine Products or related entities
and/or their respective affiliates, for which Truist Securities and/or its affiliates have received or expect to receive compensation,
including, during the approximate two-year period preceding the date of Truist Securities’ opinion, having acted or acting as a
lender under certain credit facilities of, and/or having provided or providing certain corporate banking services to, Marine Products
and certain significant stockholders of Marine Products and/or related entities, for which services during such two-year period Truist
Securities and/or its affiliates received aggregate revenue of approximately $5.5 million (of which approximately 15% was attributable
to services provided to Marine Products, approximately 30% was attributable to services provided to Rollins Inc. and certain related
entities and approximately 55% was attributable to services provided to RPC Inc. and certain related entities).
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this Current Report on Form 8-K (this “Current
Report”) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements relate to future
events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause MasterCraft’s,
Marine Products’ or the combined company’s actual results, levels of activity, performance, or achievements or those of the
boating industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking
statements may be identified by the use of words like “may,” “will,” “could,” “would,”
“should,” “expect,” “anticipate,” “believe,” “project,” “estimate,”
“intend,” “plan,” “pro forma,” or any variations or other comparable terminology.
Forward-looking statements are subject to risks, uncertainties and
other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements,
including, but not limited to, risks and uncertainties around the occurrence of any event, change or other circumstance that could give
rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant
to the Merger Agreement; the risk that the conditions to the completion of the proposed transactions are not satisfied in a timely manner
or at all; the possibility that competing offers or proposed transaction proposals may be made; the risks arising from the integration
of the MasterCraft and Marine Products businesses; the risk that the anticipated benefits and synergies of the proposed transactions may
not be realized when expected or at all and that the proposed transactions may not be completed in a timely manner or at all; the risk
of unexpected costs or expenses resulting from the proposed transactions; the risk of litigation related to the proposed transactions,
including resulting expense or delay; the risks related to disruption to ongoing business operations and diversion of management’s
time as a result of the proposed transactions; the risk that the proposed transactions may have an adverse effect on the ability of MasterCraft
and Marine Products to retain key personnel, dealers and suppliers; the risk that the credit ratings of the combined company declines
following the proposed transactions; the risk that the announcement or the consummation of the proposed transactions has a negative effect
on the market price of the capital stock of MasterCraft and Marine Products or on MasterCraft’s and Marine Products’ operating
results; the risk of product liability litigation or government or regulatory action, including related to product liability claims; the
risk of product efficacy or safety concerns resulting in product recalls or regulatory action; risks relating to inflation and other economic
factors, such as interest rate and currency exchange rate fluctuations, government trade or similar regulatory actions (including current
and potential trade and tariff actions and other constraints on trade affecting the countries where MasterCraft and Marine Products operate
and the resulting negative impacts on each company’s supply chain, commodity costs, and consumer spending), natural disasters, acts
of war, terrorism, catastrophes, pandemics, epidemics, or other disease outbreaks, the prices and availability of MasterCraft’s
and Marine Products’ raw materials, manufacturing difficulties or delays or supply chain disruptions, disruptions in the capital
and credit markets, counterparty defaults (including dealers, suppliers and financial institutions with which MasterCraft’s and
Marine Products’ do business), impairment of goodwill and intangible assets and projections of operating results and other factors
that may affect impairment testing; changes in customer preferences; severe weather conditions; regional instabilities and hostilities;
potential competitive pressures on selling prices for the products of MasterCraft and Marine Products; general economic and political
conditions globally and in the markets in which MasterCraft and Marine Products do business; the ability to maintain key dealer relationships,
competition, including technological advances, new products, and intellectual property attained by competitors; challenges inherent in
new product research and development; uncertainty of commercial success for new and existing products and digital capabilities; challenges
to intellectual property protections; the ability of MasterCraft and Marine Products to successfully execute business development strategy
and other strategic plans; changes to applicable laws and regulations and other requirements imposed by stakeholders; and changes in behavior
and spending patterns of consumers.
These and other important factors discussed under the caption “Risk
Factors” in MasterCraft’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, filed with the SEC on August
27, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the SEC, and Marine
Products’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, as amended
by Amendment No. 1 to the Annual Report on Form 10-K, filed with the SEC on April 29, 2026, subsequent Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and other filings made with the SEC, in each case could cause actual results to differ materially from those
indicated by the forward-looking statements. The discussion of these risks is specifically incorporated by reference into this Current
Report.
Any such forward-looking statements represent estimates as of the date
of this Current Report. These forward-looking statements should not be relied upon as representing our views as of any date subsequent
to the date of this Current Report. Marine Products undertakes no obligation (and expressly disclaims any obligation) to update or supplement
any forward-looking statements that may become untrue or cause our views to change, whether because of new information, future events,
changes in assumptions or otherwise. Comparisons of results for current and prior periods are not intended to express any future trends
or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Additional Information and Where to Find It
In connection with the proposed transactions, MasterCraft filed with
the SEC a registration statement on Form S-4 (the “Registration Statement”), that included a prospectus with respect
to the shares of MasterCraft’s common stock to be issued in the proposed transactions and a joint proxy statement/prospectus for
MasterCraft’s and Marine Products’ respective stockholders (the “Joint Proxy Statement/Prospectus”). The
Registration Statement was declared effective by the SEC on March 27, 2026 and MasterCraft and Marine Products commenced mailing the definitive
Joint Proxy Statement/Prospectus to stockholders of MasterCraft and Marine Products on April 6, 2026. Each of MasterCraft and Marine Products
may also file with or furnish to the SEC other relevant documents regarding the proposed transactions. This communication is not a substitute
for the Registration Statement, the definitive Joint Proxy Statement/Prospectus or any other document that MasterCraft and Marine Products
may mail to their respective stockholders in connection with the proposed transactions.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT
AND THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT
DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTIONS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY DO
AND WILL CONTAIN IMPORTANT INFORMATION ABOUT MASTERCRAFT, MARINE PRODUCTS AND THE PROPOSED TRANSACTIONS.
Investors and security holders may obtain copies of these documents
free of charge through the website maintained by the SEC at www.sec.gov or from MasterCraft at its website, www.mastercraft.com, or from
Marine Products at its website, www.marineproductscorp.com. Documents filed with the SEC by MasterCraft will be available free of charge
by accessing the investor section of MasterCraft’s website, www.investors.mastercraft.com, or, alternatively, by directing a request
by email to MasterCraft at investorrelations@mastercraft.com and documents filed with the SEC by Marine Products will be available free
of charge by accessing Marine Products’ website at www.marineproductscorp.com under the heading Investor Relations or, alternatively,
by directing a request by email to Marine Products at jlarge@marineproductscorp.com.
Participants in the Solicitation
MasterCraft, Marine Products and certain of their respective
directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of
proxies from the stockholders of MasterCraft and Marine Products in connection with the proposed transactions under the rules of the
SEC. Information regarding MasterCraft’s directors and executive officers is available in MasterCraft’s proxy statement
dated September 15, 2025 for its 2025 Annual Meeting of Stockholders (available here). To the extent holdings of MasterCraft common
stock by the directors and executive officers of MasterCraft have changed from the amounts of MasterCraft common stock held by such
persons as reflected therein, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with
the SEC (available at https://www.sec.gov/edgar/browse/?CIK=1638290&owner=exclude). Information regarding Marine
Products’ directors and executive officers is available in Marine Products’ Amendment No. 1 to the Annual Report on Form
10-K for the fiscal year ended December 31, 2025, filed with the SEC on April 29, 2026 (available here). To the extent holdings
of Marine Products common stock by the directors and executive officers of Marine Products have changed from the amounts of Marine
Products common stock held by such persons as reflected therein, such changes have been or will be reflected on Statements of Change
in Ownership on Form 4 filed with the SEC (available
at https://www.sec.gov/edgar/browse/?CIK=1129155&owner=exclude). Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the
definitive Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed
transactions when they become available. Investors should read the definitive Joint Proxy Statement/Prospectus carefully before
making any voting or investment decisions. You may obtain free copies of these documents from the SEC’s website at www.sec.gov
or from MasterCraft or Marine Products using the sources indicated above.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 1, 2026
MARINE PRODUCTS CORPORATION
By:
/s/ Michael L. Schmit
Michael L. Schmit
Vice President and Chief Financial Officer
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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 2 such as Street or Suite number
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine2
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
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- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
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Period Type:
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
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dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
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Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
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dei_PreCommencementTenderOffer
Namespace Prefix:
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Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
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Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
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