<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-05-29</periodOfReport>

    <issuer>
        <issuerCik>0000095953</issuerCik>
        <issuerName>ASCENT INDUSTRIES CO.</issuerName>
        <issuerTradingSymbol>ACNT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001539953</rptOwnerCik>
            <rptOwnerName>Privet Fund Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>79 WEST PACES FERRY RD., SUITE 200B</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ATLANTA</rptOwnerCity>
            <rptOwnerState>GA</rptOwnerState>
            <rptOwnerZipCode>30305</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See explanation of responses</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001414517</rptOwnerCik>
            <rptOwnerName>Privet Fund LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>79 WEST PACES FERRY RD., SUITE 200B</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ATLANTA</rptOwnerCity>
            <rptOwnerState>GA</rptOwnerState>
            <rptOwnerZipCode>30305</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See explanation of responses</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001363032</rptOwnerCik>
            <rptOwnerName>Levenson Ryan</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>79 WEST PACES FERRY RD., SUITE 200B</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ATLANTA</rptOwnerCity>
            <rptOwnerState>GA</rptOwnerState>
            <rptOwnerZipCode>30305</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See explanation of responses</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2024-05-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>172995</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>10.32</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1673648</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Privet Fund LP</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is filed jointly by Privet Fund LP (&quot;Privet Fund&quot;), Privet Fund Management LLC (&quot;Privet Fund Management&quot;) and Ryan Levenson (collectively, the &quot;Reporting Persons&quot;). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock.  Each of the Reporting Persons disclaims benefical ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.</footnote>
        <footnote id="F2">Securities owned directly by Privet Fund. As the general partner and investment manager of Privet Fund, Privet Fund Management may be deemed to beneficially own the securities owned directly by Privet Fund. Mr. Levenson, as the managing member of Privet Fund Management, may be deemed to beneficially own the securities owned directly by Privet Fund.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Privet Fund Management LLC; By: /s/ Ryan Levenson, Managing Member</signatureName>
        <signatureDate>2024-05-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Privet Fund LP; By: Privet Fund Management LLC; By: /s/ Ryan Levenson, Managing Member</signatureName>
        <signatureDate>2024-05-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ryan Levenson</signatureName>
        <signatureDate>2024-05-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
