By Stephen Nakrosis
Universal Security Instruments said Thursday it plans to continue operating and remain a going concern after amending its acquisition agreement with Feit Electric.
Earlier this month, Universal sold substantially all of its assets to Feit, including its portfolio of smoke, fire, and carbon monoxide detectors. The deal was approved by Universal shareholders at a special meeting in April, but not enough shareholders voted to proceed with a dissolution.
The asset sale closed on May 22 at a purchase price of $4.9 million. Universal said it amended the agreement with Feit that same day to reflect that it would continue operating. Universal now plans to import and market product lines other than smoke and carbon monoxide alarms.
Also on Thursday, Universal said it named Henry Nisser and Milton Ault III to its board in accordance with a previously disclosed memorandum of understanding with Ault & Co.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 29, 2025 18:32 ET (22:32 GMT)
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