Universal Safety Products shareholders approve adjournment for further proxy voting

Universal Safety Products, Inc. (NYSE American:UUU) reported Friday that shareholders approved the adjournment of its special meeting to allow additional time for voting on several key proposals. The information was disclosed in a press release statement and detailed in a filing with the Securities and Exchange Commission. The micro-cap company, currently valued at approximately $9.3 million with shares trading at $4.30, appears undervalued according to InvestingPro analysis. Despite recent volatility, UUU has delivered impressive returns of 141% over the past six months.

The company held an adjourned special meeting at 12:00 p.m. Eastern Time on Friday, following an initial meeting on October 20 that was postponed to gather more votes on proposals concerning share authorization, preferred stock, and voting rights. As of the record date of September 17, there were 2,312,887 shares of common stock entitled to vote.

During the adjourned meeting, stockholders voted on Proposal 8, which sought approval to further adjourn the meeting if necessary to solicit additional proxies for proposals that had not yet received sufficient support. The results for Proposal 8 were 1,306,202 votes in favor, 199,648 against, and 17,655 abstentions. There were no broker non-votes.

Based on the votes received, the company stated there were not enough votes to approve the Authorized Share Increase Proposal, the Blank Check Preferred Proposal, the Class B Common Proposal, or the Voting Rights Proposal. As a result, the chairman called only for a vote on Proposal 8 and then adjourned the meeting without opening the polls on the other proposals. Investors tracking this development should note that UUU is scheduled to report earnings in just 5 days on November 19. InvestingPro data shows the company has been profitable over the last twelve months with a P/E ratio of 3.58, though its stock tends to move contrary to broader market trends.

The further adjourned special meeting is scheduled to reconvene at 12:00 p.m. Eastern Time on Tuesday, December 16, 2025. Stockholders of record as of September 17 remain eligible to vote. The company will continue to accept votes on the outstanding proposals during the adjournment period.

This summary is based on a press release statement and the company’s Form 8-K filing with the SEC.

In other recent news, Universal Safety Products announced a one-time special cash dividend of $1.00 per share, which will be distributed on September 25, 2025, to shareholders recorded by September 18, 2025. This special dividend comes after the company’s successful asset sale to Feit Electric Company earlier this year. Additionally, Universal Safety Products has amended its bylaws to allow stockholder meetings to be conducted remotely or at any location, in accordance with Maryland General Corporation Law. This amendment was filed with the Securities and Exchange Commission and took effect immediately after the board’s resolution. The company clarified that the amendment’s only significant change was to update the meeting location and format options in the bylaws.

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