MtronPTI announced that it has completed its previously announced separation from The LGL Group and is now an independent, publicly traded company. MtronPTI shares will begin trading today on the New York Stock Exchange under the ticker symbol “MPTI.”
“Today marks an exciting milestone as we embark on our journey as a newly independent public company, focused on world-class microwave and RF products,” said Michael Ferrantino, Chief Executive Officer of MtronPTI. “On behalf of all of our dedicated employees, I am proud of our efforts to deliver superior products and we look forward to the many opportunities ahead. With our proven microwave and RF capabilities and strong customer loyalty, we are well positioned to deliver long-term growth and value creation for our stockholders.”
The separation was achieved through the distribution of 100 percent of the shares of MtronPTI to holders of LGL common stock at 12:01 am on October 7, 2022, with LGL stockholders receiving one-half share of MtronPTI common stock for every share of LGL common stock held at the close of business on the record date of September 30, 2022. LGL stockholders entitled to receive the distribution received a book-entry account statement or a credit to their brokerage account reflecting their ownership of MtronPTI common stock. Fractional shares of MtronPTI common stock were not distributed. Any fractional share of MtronPTI common stock otherwise issuable to an LGL stockholder will be sold in the open market on such stockholder’s behalf, and such stockholder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares.
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