Shares of Universal Security Instruments (NYSEAMERICAN:UUU) stock are hitting highs that have not been seen since 2017 on Thursday.
Universal Security Instruments (USI) is a company that manufactures and ships home protection products like smoke and carbon monoxide alarms. It is one of the largest producers of these items in the world. And the firm even holds 11 patents on specific detection technology.
Moreover, this move in UUU stock comes after the company’s recent filing to the SEC on Oct. 28. That said, here are a few things for investors to know:
- USI considered “at least six candidates” as possible merger partners.
- The manufacturer said the purpose of this move is for “changing USI’s business so that USI will continue as a NYSE-listed company but with a different business.”
- Additionally, USI stated in the filing that a handful of the candidates withdrew from the process. This was due to a change in their “internal plans.”
- Only one group presented a merger proposal.
Next, USI addressed the next steps for this possible merger and the current proposal:
“Management intends to present the draft Proposed Merger Agreement to USI’s Board for consideration within the next few days and will publicly disclose any action taken by the Company as required by applicable rules and regulations of the Securities and Exchange Commission regulations and the NYSE.”
UUU stock was up nearly 70% as of Thursday morning on this news.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
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