CLEVELAND, OH / ACCESSWIRE / December 6, 2024 / Mace Security International (OTCQB:MACE) (the "Company") announces the completion of the merger (the "Merger") contemplated by the Agreement and Plan of Merger (the "Merger Agreement") dated October 12, 2024 by and among W Electric Intermediate Holdings, LLC, a Delaware limited liability company ("Parent"), Mace Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent ("Merger Sub"), the Company and a representative of the Company's stockholders (the "Stockholders' Representative"). Charles A. Gaddis was appointed as the Stockholders' Representative at the Special Meeting of its stockholders held on December 3, 2024.
Pursuant to the Merger Agreement, Merger Sub merged with and into the Company, effective December 6, 2024, with the Company being the surviving company. As a result of the Merger, the Company becomes a private company wholly owned by Parent and the shares of the Company will no longer be quoted on the OTC QB Market following the close of trading on December 6, 2024.
Under the terms of the Merger Agreement, at the effective time of the Merger (the "Effective Time"), (i) each share of common stock of the Company issued and outstanding immediately prior to the Effective Time (other than the Excluded Shares (as defined in the Merger Agreement), and the Dissenting Shares (as defined in the Merger Agreement), if any) was cancelled and ceased to exist in exchange for the right to receive US $0.015777 in cash per share without interest and potential additional contingent consideration pursuant to the terms of the Merger Agreement (the "Per Share Consideration"). In accordance with the Merger Agreement, Equiniti Trust Company, LLC, as paying agent, has been engaged to distribute Letters of Transmittal to registered holders of Company shares. Registered holders of Company shares will be required to submit a duly completed Letter of Transmittal and the share certificate(s) and/or direct registration system advice(s) representing their Company shares to Equiniti Trust Company, LLC in order to receive the Per Share Consideration under the Merger Agreement. If you have any questions or require further information about the procedures to complete your Letter of Transmittal, please contact Equiniti Trust Company, LLC at 718-921-8317 or toll-free (within North America) at 877-248-6417 for further information. Shareholders whose Company shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee regarding the receipt of the Per Share Consideration.
About Mace Security International, Inc.
Mace® Security International, Inc. (MACE) is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the Company has spent more than 40 years designing and manufacturing consumer and tactical products for personal defense and security under its world-renowned Mace® Brand - the original trusted brand of defense spray products. The Company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand, KUROS!® Brand personal safety products, Vigilant® Brand alarms, and Tornado® Brand pepper spray and stun guns. MACE® distributes and supports Mace® Brand products through mass market retailers, wholesale distributors, independent dealers, Amazon.com, Mace.com, and other channels. For more information, visit www.mace.com.
Forward-Looking Statements
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "projected," "intend to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to several known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance, or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, (a) general economic and business conditions, including the impact of the COVID-19 pandemic and other possible pandemics and similar outbreaks; (b) competition; (c) potential changes in customer spending; (d) acceptance of our product offerings and designs; (e) the variability of consumer spending resulting from changes in domestic economic activity; (f) a highly promotional retail environment; (g) any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates, as well as other significant accounting estimates made in the preparation of our financial statements; (h) the impact of current and potential hostilities in various parts of the world, including but not limited to the war which resulted from Russia's invasion of Ukraine, as well as other geopolitical or public health concerns; (i) the impact of international supply chain disruptions and delays; (j) the impact on the Company of changes in U.S. Federal and State income tax regulations; (k) the impact of inflation and the ability of the Company to pass on rising prices to its customers and (l) the ability of the Company to close the Agreement and Plan of Merger dated October 12, 2024. You are urged to consider all such factors. Because of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. Mace Security International, Inc. assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
Contact:
Investor Relations
InvestorRelations@mace.com
SOURCE: Mace Security International, Inc.
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