Servotronics Announces Important Development with the Annual Meeting of Shareholders
– Star Equity has withdrawn its nominees for election to the Company's Board of Directors, thus ending the proxy contest –
– Vote now on the Company's BLUE proxy card to have your vote counted –
ELMA, N.Y., June 5, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today announced that on June 1, 2023 Star Equity Fund, L.P. notified the Company that Star Equity was withdrawing its two nominees for election to the Company's Board of Directors. The withdrawal of Star Equity's nominees is not the result of any concessions by the Company nor a negotiated settlement with Star Equity.
Due to the limited time between Star Equity's withdrawal of its nominees and the June 9, 2023 Annual Meeting, we are not able to provide shareholders a revised proxy card that does not include the withdrawn nominees. Shareholders who wish to vote on the election of directors and other proposals to be considered at the Annual Meeting should vote on the Company's BLUE proxy card or voting instruction form.
For shareholders who have already voted on the Company's BLUE proxy card for the Company's nominees — Brent D. Baird, Edward C. Cosgrove, William F. Farrell, Jr., Karen L. Howard, Christopher M. Marks and Evan H. Wax — there is no need to vote again. Your previous vote will count.
Star Equity has stated that proxies previously received on the white universal proxy card will be delivered to the Company and voted as instructed unless they are revoked. However, Star Equity will not vote any further proxies received from shareholders after the date Star Equity withdrew its nominees. Also, any votes cast for the withdrawn nominees using either the BLUE or white proxy card will be disregarded and not be counted.
All shareholders are encouraged to review the Company's proxy statement for more complete information with respect to the Annual Meeting. If you have already submitted your proxy card, you have the power to revoke it at any time before it is exercised as provided under the "Question and Answers About the Proxy Materials and the Annual Meeting" section of the proxy statement.
Shareholders who have any questions or need assistance voting may contact the Company's proxy solicitors, Georgeson, LLC, toll-free at (866) 767-8867.
ABOUT SERVOTRONICS
The Company is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American
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SOURCE Servotronics, Inc.
