Astronics Announces 15% Class B Stock Distribution
September 25 2018 - 7:30AM
Business Wire
Common and Class B stockholders to receive
Class B Stock
Astronics Corporation (Nasdaq: ATRO), a leading supplier of
advanced technologies and products to the global aerospace,
defense, and semiconductor industries, announced a 15% stock
distribution of Class B Stock to holders of both Common and Class B
Stock. Stockholders will receive three shares of Class B Stock for
every twenty shares of Common and Class B Stock held on the record
date of October 12, 2018, with an ex-dividend date of October 11,
2018. The Company expects the new shares to be distributed on or
about October 22, 2018. Fractional shares will be paid in cash.
Peter J. Gundermann, President and Chief Executive Officer of
Astronics, commented, “Our Board of Directors has elected to
continue our custom of distributing Class B shares because we
believe it rewards our current stockholders and encourages
long-term ownership and interest in Astronics.”
Astronics initially distributed shares of Class B Stock to
Common and Class B stockholders in 1987, and this would make the
fourteenth distribution since that time. After the distribution,
approximately 21.5 million Common and 10.8 million Class B shares
are expected to be outstanding.
Astronics Class B Stock is entitled to ten votes per share while
Common Stock is entitled to one vote per share. The economic value
of one share of Class B Stock is equivalent to one share of Common
Stock. Class B Stock is not a tradable security, but is
convertible, at all times and without cost to the shareholder, into
one share of Astronics Corporation Common Stock, which is tradable
and provides shareholders of Class B Stock access to the market.
Subject to certain exceptions, shares of Astronics Class B Stock
automatically convert into an equal number of shares of Common
Stock upon transfer.
Information regarding the Class B share distribution and
instructions to convert Class B stock into Common stock can be
found in the Frequently Asked Questions page of the Investor
Relations section at www.astronics.com. Registered shareholders and
brokers should contact the Company’s transfer agent, EQ Shareowner
Services at (800) 468-9716, regarding the conversion of Class B
Stock to Common Stock. EQ Shareowner Services is the agent for the
distribution.
About Astronics
Corporation
Astronics Corporation (Nasdaq: ATRO) is a leading supplier of
advanced technologies and products to the global aerospace, defense
and semiconductor industries. Astronics’ products and services
include advanced, high-performance electrical power generation and
distribution systems, seat motion solutions, lighting and safety
systems, avionics products, aircraft structures, systems
certification and automated test systems. Astronics’ strategy is to
increase its value by developing technologies and capabilities,
either internally or through acquisition, and using those
capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be beneficial.
Through its wholly owned subsidiaries, Astronics has a reputation
for high-quality designs, exceptional responsiveness, strong brand
recognition and best-in-class manufacturing practices. The Company
routinely posts news and other important information on its website
at www.astronics.com.
For more information on Astronics and its products, visit its
Web site at www.astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words “expect,”
“anticipate,” “plan,” “may,” “will,” “estimate” or other similar
expressions. Because such statements apply to future events, they
are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially from what may be stated here include the state of
the aerospace, defense, consumer electronics and semiconductor
industries, the market acceptance of newly developed products,
internal production capabilities, the timing of orders received,
the status of customer certification processes and delivery
schedules, the demand for and market acceptance of new or existing
aircraft which contain the Company’s products, the need for new and
advanced test and simulation equipment, customer preferences and
other factors which are described in filings by Astronics with the
Securities and Exchange Commission. The Company assumes no
obligation to update forward-looking information in this news
release whether to reflect changed assumptions, the occurrence of
unanticipated events or changes in future operating results,
financial conditions or prospects, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180925005392/en/
Astronics Corporation:David C. Burney, 716-805-1599, ext.
159Chief Financial Officerdavid.burney@astronics.comorInvestor
Relations:Kei Advisors LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.com
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