Universal Security Instruments, Inc. (UUU) stock soared 18.79% in the current-market trading session at the price of $3.54 after signing a merger agreement with Infinite Reality, Inc.
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UUU, based in the United States, produces and commercializes safety and security appliances. Established in 1969, the firm has an over 53-year legacy of producing ingenious and easy-to-install devices, including fire, smoke, and carbon monoxide alarms.
UUU Merger Agreement with Infinite Reality
On 25th February 2022, UUU announced entering into a definitive merger deal with Infinite Reality. As per the contract, Infinite Reality’s shareholders will become the owners of UUU’s common stock at the closure of the deal. The merger is subject to the approval of shareholders of SEC clearance, UUU, Infinite Reality, as well as stock exchange approval. Following the approval, the merger will form a publicly-traded firm that will work under the name of Infinite Reality.
Chief Executive Officer of UUU, Harvey Grossblatt, commented that their decision to merge with Infinite Reality comes after a comprehensive review of UUU’s strategic alternatives and existing operations. This announcement made by their directing board will facilitate the shareholders to participate in the upside opportunity offered by Infinite Reality.
This partnership will support them to connect with a creative and forward-looking partner centered on the ubiquitous social media, NFT world, and Metaverse. It will provide their shareholders with an opportunity to realize the value in a very dynamic sector of the industry, he added.
UUU Q4 2021 Financial Results
On 16th February 2022, UUU reported its financial results for the fiscal third quarter and nine months ended 31st December 2021. The sales were roughly $5.3 million during the fiscal Q3 ended 31st December 2021. It represents a gain of 3.8% from $5.1 million for the same quarter last year. The company has a net income of $35,351, or per basic and diluted share of $0.02, during the Q3 of 2021. Net income was $78,318, or per basic and diluted share of $0.03, for the same quarter of 2020.