Form 8-K - Current report
October 31 2023 - 4:01PM
Edgar (US Regulatory)
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2023-10-31
2023-10-31
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): October 31, 2023
UNIVERSAL SECURITY INSTRUMENTS, INC.
(Exact name of registrant as specified in its charter)
Maryland |
001-31747 |
52-0898545 |
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
of Incorporation) |
|
Identification No.) |
11407 Cronhill Drive, Suite A, Owings Mills,
Maryland 21117
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code: (410) 363-3000
Inapplicable
(Former Name or Former Address if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading symbol |
Name of each exchange on which registered |
Common Stock |
UUU |
NYSE MKT LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
INFORMATION TO BE INCLUDED IN THE REPORT
As was discussed in previous
filings made by Universal Security Instruments, Inc. (the “Company”), in connection with the now terminated Agreement
and Plan of Merger between the Company and Infinite Reality, Inc., the Company’s Board of Directors has, from time to time, considered
a number of factors that greatly impact the Company’s future prospects and shareholder value, including the following: (a) the Company’s
business, operational and financial prospects, and the limited upside value available to sharehokders if the Company continues as an independent
stand-alone business; (b) the competitive landscape in the Company’s market, the need for capital to generate significant
growth and the Company’s limited sources for such capital; (c) current import and supply chain challenges, the increased costs resulting
from such challenges, and the projected duration of the current supply chain issues; and (d) the Company’s management and succession
planning.
While the Company continues
to generate sufficient capital to satisfy the ongoing cash requirements for its current operations, management believes that access to
additional funding or other resources, or identifying the right strategic business combination, would allow the Company to drive long
term value for its shareholders while taking advantage of sales growth opportunities that the Company seeks to execute.
In addition, the Company continues
to be approached from time to time with business combination proposals both within and outside of the Company’s area of business,
and management believes that it would be advantageous to the Company and its shareholders to explore strategic alternatives as the Company
pursues additional sources of capital.
There is no deadline or definitive
timetable set for completion of the strategic alternatives process. There can be no assurance any proposal will be made or accepted, any
agreement will be executed, or any transaction will be consummated, in connection with this review. The Company does not intend to make
further announcements regarding the review of strategic alternatives unless and until the Board approves a specific transaction or otherwise
determines further disclosure is appropriate or necessary in accordance with applicable rules and regulations of the Securities and Exchange
Commission regulations and the New York Stock Exchange.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
UNIVERSAL SECURITY INSTRUMENTS, INC. |
|
(Registrant) |
|
|
|
|
|
|
Date: October 31, 2023 |
By: |
/s/ Harvey B. Grossblatt |
|
|
Harvey B. Grossblatt |
|
|
President |
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