Business
NAPCO Announces 2-For-1 Stock Split
Shareholders Approve Charter Amendment Increasing Authorized Shares AMITYVILLE, N.Y., Dec. 7, 2021 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ:
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"Shareholders Approve Charter Amendment Increasing Authorized Shares\n\n\nAMITYVILLE, N.Y., Dec. 7, 2021 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions, today announced that its Board of Directors has declared a 2-for-1 stock split to be paid in the form of a 100% stock dividend. The stock split will be payable January 4, 2022 to all NAPCO shareholders of record (other than Treasury Shares) as of December 20, 2021.\nAs a result of the stock split, shareholders will receive one additional share of common stock for every one share held on the record date. Upon completion of the split, the total number of shares outstanding will increase from 18,353,584 to 36,707,168.\nIn addition, on December 6, 2021, the Company's shareholders approved an amendment to the Company's certificate of incorporation increasing the number of shares the Company is authorized to issue from 40,000,000 to 100,000,000 shares of common stock, $.01 par value by share.\nRichard Soloway, Chairman and President, commented, \"The Board believes that the 2-for-1 stock split will improve trading liquidity and broaden ownership of the Company's common shares and that the amendment gives the Board added flexibility to effect additional stock splits in the future, if warranted\".\nAbout NAPCO Security Technologies, Inc.\nNAPCO Security Technologies, Inc., is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions, The Company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additio...