- Common and Class B stockholders to receive Class B Stock
East Aurora, NY | August 21, 2014– Astronics Corporation (NASDAQ: ATRO), a leadingprovider of advanced technologies for the global aerospace and defense industries, announced a 20% stock distribution of Class B Stock to holders of both Common and Class B Stock. Stockholders will receive one share of Class B Stock for every five shares of Common and Class B Stock held on the record date of September 5, 2014, with an ex-dividend date of September 3, 2014. The Company expects the new shares to be distributed on or about September 19, 2014. 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 three years. Currently, there are approximately 14.1 million Common and 4.0 million Class B shares outstanding. After the distribution, approximately 14.1 million Common and 7.6 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 CommonStock 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 section of Astronics’ website at www.astronics.com. Registered shareholders and brokers should contact the Company’s transfer agent, American Stock Transfer & Trust Company (AST) at (800) 937-5449, regarding the conversion of Class B Stock to Common Stock. AST is the agent for the distribution.
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