Astronics Announces 15% Class B Stock Distribution
September 21 2015 - 8:46PM
Astronics Corporation (NASDAQ:ATRO), a leading supplier of products
to the global aerospace, defense, consumer electronics and
semiconductor industries, announced a 15% stock distribution of
Class B Stock to holders of both Common and Class B Stock.
Stockholders will receive three shares of Class B Stock for every
twenty shares of Common and Class B Stock held on the record date
of October 8, 2015, with an ex-dividend date of October 6, 2015.
The Company expects the new shares to be distributed on or about
October 22, 2015. Fractional shares will be paid in cash.
Astronics initially distributed shares of Class B Stock to
Common and Class B stockholders in 1987, and has made distributions
of Class B shares in each of the previous four years. Currently,
there are approximately 17.3 million Common and 4.9 million Class B
shares outstanding. After the distribution, approximately 17.3
million Common and 8.2 million Class B shares will be
outstanding.
Astronics Class B Stock is entitled to ten votes per share while
Common Stock is entitled to one vote per share. The economic
value of one share of Class B Stock is equivalent to one share of
Common Stock. Class B Stock is not a tradable security, but is
convertible, at all times and without cost to the shareholder, into
one share of Astronics Corporation Common Stock, which is tradable
and provides shareholders of Class B Stock access to the market.
Subject to certain exceptions, shares of Astronics Class B
Stock automatically convert into an equal number of shares of
Common Stock upon transfer.
Information regarding the Class B share distribution and
instructions to convert Class B stock into Common stock can be
found in the Frequently Asked Questions page of the Investor
Relations section at www.astronics.com. Registered
shareholders and brokers should contact the Company's transfer
agent, Wells Fargo Shareowner Services at (800) 468-9716, regarding
the conversion of Class B Stock to Common Stock. Wells Fargo
is the agent for the distribution.
About Astronics Corporation
Astronics Corporation (NASDAQ:ATRO) is a leading supplier of
products to the global aerospace, defense, consumer electronics and
semiconductor industries. Astronics' products include
advanced, high-performance electrical power generation and
distribution systems, lighting and safety systems, avionics
products, aircraft structures, engineering design and systems
certification, and automated test systems. Astronics' strategy
is to increase its value by developing technologies and
capabilities, either internally or through acquisition, and using
those capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be
beneficial. Astronics Corporation, through its wholly-owned
subsidiaries, has a reputation for high-quality designs,
exceptional responsiveness, strong brand recognition and
best-in-class manufacturing practices. The Company routinely posts
news and other important information on its website at
www.astronics.com.
For more information on Astronics and its products,
visit its website at
www.astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words "expect,"
"anticipate," "plan," "may," "will," "estimate" or other similar
expressions. Because such statements apply to future events, they
are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially include the state of the aerospace, defense,
electronics and semiconductor industries, the market acceptance of
newly developed products, internal production capabilities, the
timing of orders received, the status of customer certification
processes and delivery schedules, the demand for and market
acceptance of new or existing aircraft which contain the Company's
products, the need for new and advanced test and simulation
equipment, customer preferences and other factors which are
described in filings by Astronics with the Securities and Exchange
Commission. The Company assumes no obligation to update
forward-looking information in this news release whether to reflect
changed assumptions, the occurrence of unanticipated events or
changes in future operating results, financial conditions or
prospects, or otherwise.
CONTACT: Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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