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Universal Security Instruments Inc. (NYSE MKT:UUU) announced today the adjournment of its Special Meeting of Shareholders, initially convened on January 23, 2025, and subsequently adjourned to today. The meeting is rescheduled for April 15, 2025, at 10:00 a.m. Eastern Time, to allow further solicitation of proxies for proposals detailed in the December 27, 2024, Proxy Statement. The company’s stock has shown remarkable momentum, posting a 63% gain over the past six months, according to InvestingPro data.
The Maryland-based wholesale distributor of electronic parts and equipment had previously received approval from its shareholders to grant the Board of Directors discretionary authority to adjourn the meeting to secure additional votes for the Asset Sale Proposal and the Dissolution Proposal. Without opening the polls on other proposals, the Chairman further postponed the meeting to solicit more proxies. Financial metrics from InvestingPro show the company maintains a healthy current ratio of 1.75 and operates with moderate debt levels, though it hasn’t been profitable over the last twelve months.
The reconvened meeting will take place at the company’s offices, with the same attendance and voting procedures as the original meeting. Shareholders of record as of December 19, 2024, will retain their entitlement to vote.
Shareholders who have already voted and do not wish to change their vote need not take any action. The company continues to urge those who have not voted to do so before the April 15 meeting. The Proxy Statement and related materials are available on the SEC’s website.
The Board of Directors has endorsed the Asset Sale and Dissolution as a strategy to enhance long-term shareholder value. Despite posting revenue growth of 5.57% in the latest reporting period, according to InvestingPro data, the company faces strategic challenges. Should the proposals fail to pass, the company may consider alternatives, including delisting from the NYSE MKT and ending its reporting obligations under federal securities laws.
The information in this report is derived from the SEC filing by Universal Security Instruments Inc. and is intended to provide shareholders with imperative details regarding the upcoming Special Meeting.
In other recent news, Universal Security Instruments, Inc. announced that its shareholders have approved the adjournment of a special meeting initially convened to discuss significant proposals concerning an asset sale and the company’s potential dissolution. The decision to adjourn received substantial support, with 1,174,449 shares voting in favor, representing a majority. This move allows the Board of Directors additional time to gather more proxies if the current votes are insufficient for the Asset Sale Proposal or the Dissolution Proposal. The special meeting has been rescheduled for March 6, 2025, at the company’s offices. Shareholders of record as of December 19, 2024, will retain their voting rights for the reconvened meeting. Those who have already submitted their proxy or voted and do not wish to change their vote are not required to take any further action. Universal Security Instruments has not made any amendments to the proposals, urging all shareholders to review the Proxy Statement available on the SEC’s website. This development is part of a solicitation of proxies in connection with the upcoming special meeting.
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