Servotronics Announces Important Development with the Annual Meeting of Shareholders
Rhea-AI Summary
Servotronics (SVT) announced that Beaver Hollow Wellness LLC has withdrawn its four nominees for election to the Company's Board of Directors, effectively ending the proxy contest. The withdrawal was not the result of any concessions or negotiated settlement. Due to time constraints before the June 3, 2025 Annual Meeting, the company cannot provide a revised proxy card excluding the withdrawn nominees.
Shareholders who previously voted on the Company's BLUE proxy card for the current nominees - Brent D. Baird, William F. Farrell, Jr., Karen L. Howard, Christopher M. Marks, and Evan H. Wax - do not need to vote again. Any votes cast for withdrawn nominees will be disregarded. Shareholders with questions can contact Georgeson, LLC at 866-807-2911.
Positive
- Resolution of proxy contest without company concessions
- Maintenance of current board composition and strategy
Negative
- None.
News Market Reaction
On the day this news was published, SVT gained 0.40%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
– Beaver Hollow Wellness has withdrawn its nominees for election to
the Company's Board of Directors, thus ending the proxy contest –
– Vote now on the Company's BLUE proxy card to have your vote counted –
Due to the limited time between Beaver Hollow's withdrawal of its nominees and the June 3, 2025 Annual Meeting, we are not able to provide shareholders a revised proxy card that does not include the withdrawn nominees. Shareholders who wish to vote on the election of directors and other proposals to be considered at the Annual Meeting should vote on the Company's BLUE proxy card or voting instruction form.
For shareholders who have already voted on the Company's BLUE proxy card for the Company's nominees — Brent D. Baird, William F. Farrell, Jr., Karen L. Howard, Christopher M. Marks and Evan H. Wax — there is no need to vote again. Your previous vote will count.
Beaver Hollow has stated that proxies previously received on the white universal proxy card will be delivered to the Company and voted as instructed unless they are revoked. However, Beaver Hollow will not vote any further proxies received from shareholders after the date Beaver Hollow withdrew its nominees.
Any votes cast for the withdrawn nominees using either the BLUE or white proxy card will be disregarded and not be counted.
All shareholders are encouraged to review the Company's proxy statement for more complete information with respect to the Annual Meeting. If you have already submitted your proxy card, you have the power to revoke it at any time before it is exercised as provided under the "Question and Answers About the Proxy Materials and the Annual Meeting" section of the proxy statement.
Shareholders who have any questions or need assistance voting may contact the Company's proxy solicitors, Georgeson, LLC, toll-free at 866-807-2911.
ABOUT SERVOTRONICS
Servotronics designs, develops, and manufactures servo controls and other components for various commercial and government applications including aircraft, jet engines, missiles, manufacturing equipment and other aerospace applications at its operating facilities in
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American
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SOURCE Servotronics, Inc.
FAQ
What happened with Servotronics (SVT) proxy contest in May 2025?
Who are the current nominees for Servotronics (SVT) Board of Directors in 2025?
When is Servotronics (SVT) 2025 Annual Meeting?
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