Universal Security Instruments, Inc. (NYSE MKT:UUU), which has seen its stock surge over 50% in the past year according to InvestingPro data, announced today that its shareholders have approved the adjournment of a special meeting initially convened on January 23, 2025. The meeting aimed to vote on proposals related to an asset sale and the company's potential dissolution, as outlined in a Proxy Statement dated December 27, 2024.
The adjournment proposal received overwhelming support, with 1,174,449 shares voting in favor, representing a majority of the shares present or represented by proxy. This allows the Board of Directors to postpone the meeting to solicit additional proxies if there are insufficient votes for the Asset Sale Proposal or the Dissolution Proposal.
The special meeting has been rescheduled for March 6, 2025, at the company's offices to allow further time for shareholder voting. This comes as the company, with annual revenues of $21.29M and a moderate debt-to-equity ratio of 0.85, approaches its next earnings announcement scheduled for February 18, 2025. Shareholders of record as of December 19, 2024, will retain their voting rights at the reconvened meeting.
Universal Security Instruments has made no amendments to the proposals set for shareholder consideration. The company, which maintains a current ratio of 1.64 indicating reasonable liquidity, urges all shareholders to review the Proxy Statement available on the SEC's website for detailed information regarding the meeting's agenda. For comprehensive financial analysis and additional insights, investors can access more than 30 key metrics and exclusive ProTips on InvestingPro.
In other recent news, Universal Security Instruments, Inc. has reported significant developments. The company's CEO, Harvey B. Grossblatt, has waived certain payments tied to a potential change of control following an asset purchase agreement with Feit Electric Company, Inc. This waiver, disclosed in an 8-K filing with the Securities and Exchange Commission, marks a key step in the progression of the agreement.
Universal Security Instruments also recently held its annual stockholders' meeting, where Dr. Ronald A. Seff was re-elected as a director for a three-year term. The company's executive officers' compensation was approved, and an outside auditing firm was selected for fiscal year 2025.
Finally, Universal Security Instruments has entered into an Asset Purchase Agreement with Feit Electric Company. The specifics of the agreement, such as the assets involved and financial details, have not yet been disclosed. The completion date of the transaction is also still to be announced. These recent developments reflect the company's ongoing strategic business decisions and the confidence of its stockholders in the company's management and direction.
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