USI enters MOU with Ault & Co to defer dissolution, pursue investment and new business

UNIVERSAL SAFETY PRODUCTS, INC.

Ault & Co agrees to vote for asset sale to Feit Electric Co. and dissolution at April 15 meeting.
USI agrees not to consummate dissolution for at least 90 days after asset sale approval (Negotiation Period).
Ault & Co commits to negotiate up to 19.9% market cap convertible note investment; also up to $400k note for SEC/NYSE costs.
Ault & Co gets right to appoint two directors; board size capped at 3-6 (amended from 3-15).
CEO Harvey Grossblatt agrees to remain director for 24 months after asset sale; shareholders did not approve dissolution.

item 1.01 item 8.01 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

UNIVERSAL SAFETY PRODUCTS, INC.: Added new Article V, Section 9 to the Bylaws (effective 2025-04-15).

Change: bylaw amendment
Effective: 2025-04-15

Exact text from the filing

Article V of the Bylaws was amended to add Section 9.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

UNIVERSAL SAFETY PRODUCTS, INC.: Amended Article II, Section 1 to reduce the maximum number of directors from fifteen to six (effective 2025-04-15).

Change: bylaw amendment
Effective: 2025-04-15

Exact text from the filing

Article II, Section 1 of the Company’s Bylaws was amended to provide that the number of members of the Company’s Board of Directors would be between three and six. Prior to this amendment, the Bylaws provided that the number of members of the Company’s Board of Directors would be between three and fifteen.

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83 governance changes filed in the last 30 days. Browse all governance changes →

UNIVERSAL SAFETY PRODUCTS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-25-036096

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