---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-126909"
form_type: "8-K"
ticker: "SFES"
cik: "0000086115"
company_name: "SAFEGUARD SCIENTIFICS INC"
filed_at: "2023-12-18T23:59:59+00:00"
generated_at: "2026-06-07T11:34:00.934565+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Safeguard Scientifics to delist from Nasdaq after 1-for-100 reverse split; special dividend $0.35

## Summary
- Shareholders approved reverse stock split 1-for-100 followed by forward split 100-for-1 to reduce record holders below 300.
- Holders with <100 shares pre-split receive $1.65 per share cash; continuing shareholders' total shares unchanged.
- Special cash dividend of $0.35 per share payable Dec 28, 2023; ex-div Dec 29; record Dec 19.
- CEO Salzman and CFO Herndon terminated as officers Dec 31, 2023; become temporary employees at $400/hr; Rock Creek outsourced services at $25k/month.
- Company will file Form 25 to delist from Nasdaq and Form 15 to terminate SEC reporting obligations.

## SEC filing metadata
- accession: 0001104659-23-126909
- form_type: 8-K
- ticker: SFES
- cik: 0000086115
- company_name: SAFEGUARD SCIENTIFICS INC
- filed_at: 2023-12-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 1.01, 3.01, 5.02, 5.07, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/86115/000110465923126909/0001104659-23-126909-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/86115/000110465923126909/tm2333091d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-126909
- JSON: https://secwatch.observer/filing/0001104659-23-126909.json
- Plain text: https://secwatch.observer/filing/0001104659-23-126909.txt

## Key facts
- Shareholder Votes
  SAFEGUARD SCIENTIFICS INC shareholders approved Adopt Articles of Amendment to effect the Reverse Stock Split at the 2023-12-15 meeting.
  - Proposal: reverse split
  - Outcome: passed
  - Meeting: 2023-12-15
  source text: The proposal to adopt the Articles of Amendment to the Articles of Incorporation to effect the Reverse Stock Split received the following votes: For Against Abstain 13,035,123 633,278 47,602
  evidence_url: https://www.sec.gov/Archives/edgar/data/86115/000110465923126909/0001104659-23-126909-index.htm
- Shareholder Votes
  SAFEGUARD SCIENTIFICS INC shareholders approved Adopt Articles of Amendment to effect the Forward Stock Split at the 2023-12-15 meeting.
  - Proposal: reverse split
  - Outcome: passed
  - Meeting: 2023-12-15
  source text: The proposal to adopt the Articles of Amendment to the Articles of Incorporation to effect the Forward Stock Split received the following votes: For Against Abstain 12,201,621 1,466,752 47,630
  evidence_url: https://www.sec.gov/Archives/edgar/data/86115/000110465923126909/0001104659-23-126909-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.