Paul S. Lux, a director and 10% owner of MGP Ingredients Inc. (NASDAQ: MGPI), sold 33,000 shares of common stock through the Ann S. Lux 2005 Irrevocable Trust, of which he serves as sole trustee. The shares were disposed at prices ranging from $17.465 to $17.940 per share on August 20, 2026, generating total proceeds of $586,221.
Following the transaction, the trust retains 550,458 shares, maintaining Lux’s aggregate indirect ownership position. The company’s shares were trading at $18.33 at the time of the sale, reflecting a modest gain from the disposal prices.
MGP Ingredients reported mixed financial results for the second quarter of 2026. Adjusted earnings per share came in at $0.72, exceeding analyst expectations of $0.47, while revenue totaled $124.4 million, slightly below the $125.22 million forecast. Revenue declined 15% year-over-year.
The company also amended its credit agreement with Wells Fargo Bank and other lenders, allowing it to add back up to $20 million in losses tied to specific accounts receivable through December 31, 2027. This adjustment is intended to prevent the losses from affecting financial covenant compliance.
Additionally, MGP Ingredients entered an Elevated Ratio Period to manage earnout obligations from its acquisition of Penelope Bourbon LLC.
