– Star Equity has withdrawn its nominees for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card that does not include the withdrawn nominees.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cast for the withdrawn nominees using either the BLUE or white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.