The LGL Group, Inc. Declares a Warrant Dividend
October 29 2020 - 4:30PM
Business Wire
The LGL Group, Inc. (NYSE American: LGL) (the "Company") today
announced that on October 27, 2020 the Board of Directors declared
a dividend of warrants to purchase shares of its common stock to
holders of record of its common stock as of November 9, 2020, the
record date set by the Board of Directors for the dividend. Each
holder of the Company’s common stock as of the record date will
receive one warrant for each share of common stock owned. Five
warrants will entitle their holder to purchase one share of the
Company's common stock at an exercise price of $12.50. The warrants
will be "European style warrants" and will be exercisable on the
earlier of (i) their expiration date, which will be the fifth
anniversary of their issuance, and (ii) such date that the 30-day
volume weighted average price per share, or VWAP, of the Company's
common stock is greater than or equal to $17.50. The warrants are
expected to be issued on or around November 16, 2020, and the
Company intends for the warrants to be listed and traded on the
NYSE American on or around such date, subject to NYSE American
approval.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of the securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification of such securities under the
securities laws of that state or jurisdiction. Any offer of
securities covered by the registration statement will be made
solely by means of a prospectus included in the registration
statement.
About The LGL Group, Inc.
The LGL Group, Inc., through its two principal subsidiaries
MtronPTI and PTF, designs, manufactures and markets
highly-engineered electronic components used to control the
frequency or timing of signals in electronic circuits, and designs
high performance frequency and time reference standards that form
the basis for timing and synchronization in various
applications.
Headquartered in Orlando, Florida, the Company has additional
design and manufacturing facilities in Yankton, South Dakota,
Wakefield, Massachusetts and Noida, India, with local sales offices
in Hong Kong, Sacramento, California and Austin, Texas.
For more information on the Company and its products and
services, contact James Tivy at The LGL Group, Inc., 2525 Shader
Rd., Orlando, Florida 32804, (407) 298-2000, or visit
www.lglgroup.com and www.mtronpti.com.
Caution Concerning Forward Looking Statements
This press release may contain forward-looking statements made
in reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as “may,” “will,” “expect,” “project,” “estimate,”
“anticipate,” “plan,” “believe,” “potential,” “should,” “continue”
or the negative versions of those words or other comparable words.
These forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to us and our current plans or
expectations, and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and our future financial condition and results. Certain of
these risks and uncertainties are described in greater detail in
our filings with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201029006220/en/
James Tivy The LGL Group, Inc. jtivy@lglgroup.com (407)
298-2000
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