Liquidation: Ault & Company, Inc.

Form Type: SCHEDULE 13D/A

Filing Date: 2025-04-17

Corporate Action: Liquidation

Type: Update

Accession Number: 000092189525001119

Filing Summary: Ault & Company, Inc. submitted an Update to Schedule 13D/A on April 17, 2025, amending their previous filing dated December 23, 2024. The document concerns the Common Stock of Universal Security Instruments Inc. On April 15, 2025, A&C entered a Memorandum of Understanding with Universal Security Instruments and Harvey Grossblatt. Key provisions include A&C's agreement to vote shares of the Issuer's Common Stock in favor of the sale of substantially all assets to Feit Electric Company, Inc. and the approval of a liquidation plan. Notably, the Issuer cannot execute the liquidation for at least 90 days following stockholder approval of the asset sale. A&C also plans to facilitate an investment in the Issuer via a convertible note, which will account for up to 19.9% of market capitalization and be used for operating capital, dividend distribution, and covering expenses. A&C will also have the right to appoint two directors following asset sale approval, alongside amendments to the Board’s By-laws. The summary captures significant commitments around asset sale and liquidity management for the Issuer, reflecting strategic financial maneuvers within the ongoing corporate restructuring process.