M-Tron Industries, Inc. Completes Separation from The LGL Group, Inc.
07 Octobre 2022 - 12:54PM
Business Wire
M-tron Industries, Inc. (NYSE American: MPTI) (“MtronPTI”)
announced today that it has completed its previously announced
separation from The LGL Group, Inc. (“LGL”) and is now an
independent, publicly traded company. MtronPTI shares will begin
trading today on the New York Stock Exchange under the ticker
symbol “MPTI.”
“Today marks an exciting milestone as we embark on our journey
as a newly independent public company, focused on world-class
microwave and RF products,” said Michael Ferrantino, Chief
Executive Officer of MtronPTI. “On behalf of all of our dedicated
employees, I am proud of our efforts to deliver superior products
and we look forward to the many opportunities ahead. With our
proven microwave and RF capabilities and strong customer loyalty,
we are well positioned to deliver long-term growth and value
creation for our stockholders.”
The separation was achieved through the distribution of 100
percent of the shares of MtronPTI to holders of LGL common stock at
12:01 am on October 7, 2022, with LGL stockholders receiving
one-half share of MtronPTI common stock for every share of LGL
common stock held at the close of business on the record date of
September 30, 2022. LGL stockholders entitled to receive the
distribution received a book-entry account statement or a credit to
their brokerage account reflecting their ownership of MtronPTI
common stock. Fractional shares of MtronPTI common stock were not
distributed. Any fractional share of MtronPTI common stock
otherwise issuable to an LGL stockholder will be sold in the open
market on such stockholder’s behalf, and such stockholder will
receive a cash payment for the fractional share based on its pro
rata portion of the net cash proceeds from all sales of fractional
shares.
About MtronPTI:
Originally founded in 1965, MtronPTI designs, manufactures and
markets highly-engineered, high reliability frequency and spectrum
control products and solutions. As an engineering-centric company,
MtronPTI provides close support to its customers throughout our
products’ entire life cycle, including product design, prototyping,
production and subsequent product upgrades. MtronPTI has design and
manufacturing facilities in Orlando, Florida and Yankton, South
Dakota, a sales office in Hong Kong, and a manufacturing facility
in Noida, India.
Forward Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, such as those pertaining to the uncertain financial impact
of COVID-19 and the Company’s financial condition, results of
operations, business strategy and financial needs. All statements
other than statements of current or historical fact contained in
this press release are forward-looking statements. The words
“believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,”
“could,” “intend,” “estimate,” “predict,” “potential,” “continue”
or the negative of these terms and similar expressions, as they
relate to MtronPTI, are intended to identify forward-looking
statements.
These forward-looking statements are largely based on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the Company.
They can be affected by inaccurate assumptions, including the
risks, uncertainties and assumptions described in the filings made
by MtronPTI with the Securities and Exchange Commission, including
those risks set forth under the heading “Risk Factors” in the
Information Statement included as Exhibit 99.1 to the Company’s
Form 10 Registration Statement as amended and filed with the SEC on
August 19, 2022. In light of these risks, uncertainties and
assumptions, the forward-looking statements in this press release
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. When you
consider these forward-looking statements, you should keep in mind
these risk factors and other cautionary statements in this press
release.
These forward-looking statements speak only as of the date of
this press release. MtronPTI undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Accordingly, readers are cautioned not to place undue reliance on
these forward-looking statements. For these statements, we claim
the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
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version on businesswire.com: https://www.businesswire.com/news/home/20221007005145/en/
M-tron Industries, Inc.: Investor Relations: James
Tivy ir@mtronpti.com
Mtron Industries (AMEX:MPTI)
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