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ORLANDO, FL - M-tron Industries, Inc. (NYSE American:MPTI), a manufacturer of electronic components with a market capitalization of $144 million, announced the resignation of its Chief Executive Officer, Michael J. Ferrantino, Jr., effective immediately on Monday. According to InvestingPro data, the company maintains strong financial health with an excellent balance sheet, holding more cash than debt. Ferrantino’s departure is to focus on a new venture, the Connectivity Partnership, and is not due to any disagreements with the company’s operations or practices.
Concurrent with his resignation, Ferrantino and M-tron entered a Separation Agreement, which includes payments and benefits such as salary continuation through March 31, 2025, accrued leave, and a performance bonus for 2024. In return, Ferrantino will provide transition services until May 15, 2025.
Following Ferrantino’s exit, the board appointed Cameron Pforr as the Interim CEO while retaining his role as CFO, a position he has held since October 2024. Pforr’s previous experience includes leadership roles at IronNet, Inc., Fidelis Cybersecurity, Inc., and WhipTail Technologies LLC.
In other news, M-tron announced a rights offering to its stockholders. The offering comes as the stock has experienced recent volatility, with InvestingPro data showing an 8.4% decline over the past week, though maintaining a positive 22.4% return over the past year. The offering will allow shareholders to purchase additional shares of common stock at a yet-to-be-determined price, proportional to their current holdings. Shareholders fully exercising their rights will also have over-subscription privileges. The Rights Offering is scheduled to commence shortly after March 3, 2025, the record date, and will be open until March 21, 2025, unless extended.
The company will distribute one right for each share held as of the record date, with five rights needed to purchase one additional share. Rights will be tradable on the NYSE American starting on a "when-issued" basis on February 28, 2025, under the symbol "MPTI RTWI," and on a "regular way" basis on March 5, 2025, under the symbol "MPTI RT."
M-tron reserves the right to modify, postpone, or cancel the Rights Offering before its conclusion. The company emphasizes that this communication is not an offer to sell nor soliciting an offer to buy these securities.
This article is based on a press release statement.
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