By Colin Kellaher
Universal Security Instruments has struck a deal to sell its assets amid plans to liquidate.
The Owings Mills, Md., maker of safety products said it has agreed to sell substantially all of its assets to privately held Feit Electric for $6 million.
Universal said it plans to seek shareholder approval for a subsequent liquidation and dissolution, adding that it expects its investors will receive a distribution of about $2.51 a share, more than 70% above Wednesday's closing price of $1.45.
Trading in Universal shares has been halted since mid-morning Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 31, 2024 07:39 ET (11:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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