Astronics Announces 20% Distribution of Class B Stock
Astronics Corporation (NASDAQ: ATRO), a leading provider 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 October 10, 2013. Fractional shares will be paid in cash. The Company expects the new shares to be distributed on or about October 24, 2013.
Astronics initially distributed shares of Class B Stock to Common and Class B stockholders in 1987. Additional Class B share distributions were made in 1988, 2000, 2001, 2008, 2011 and 2012. Currently, there are approximately 3.1 million Class B and 11.5 million Common shares outstanding. After the distribution, approximately 6.0 million Class B and 11.5 million Common 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. 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