Mace(R) Security International, Inc. Announces Stockholder Approval of Merger with W Electric Intermediate Holdings, LLC

Rhea-AI Summary

Mace Security International (OTCQB:MACE) announced that stockholders have approved all proposals at the Special Meeting held on December 3, 2024, including the adoption of the Agreement and Plan of Merger with W Electric Intermediate Holdings. The stockholders also approved the appointment of Charles A. Gaddis as substitute Stockholders' Representative. The merger closing is expected to occur around December 6, 2024.

Mace Security International is a Cleveland-based leader in personal safety and security, known for its Mace® Brand defense spray products, along with other brands including Take Down®, KUROS!®, Vigilant®, and Tornado®. The company distributes its products through mass market retailers, wholesale distributors, independent dealers, Amazon.com, and Mace.com.

Positive

• Stockholder approval obtained for merger with W Electric Intermediate Holdings
• All proposals at Special Meeting received favorable votes
• Clear timeline for merger completion set for December 6, 2024

Negative

• Company will cease to be independently traded following merger completion

CLEVELAND, OH / ACCESSWIRE / December 5, 2024 / Mace Security International (OTCQB:MACE) (the "Company) announces the results of the Special Meeting of its stockholders held on December 3, 2024. At the Special Meeting, the Company's stockholders voted in favor of all proposals, including the proposal to adopt the Agreement and Plan of Merger (as it may be amended from time to time, the "Merger Agreement") by and among W Electric Intermediate Holdings, LLC, a Delaware limited liability company (the "Parent"), Mace Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent (the "Merger Sub"), Mace and a representative of the Company's stockholders (the "Stockholders' Representative"). The stockholders also voted in favor of appointing Charles A. Gaddis as substitute Stockholders' Representative pursuant to the terms of the Merger Agreement. The closing of the merger is anticipated to take place on or about Friday, December 6, 2024.

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.

View the original press release on accesswire.com

FAQ

When did Mace Security International (MACE) stockholders approve the merger with W Electric?

Mace Security International stockholders approved the merger at the Special Meeting held on December 3, 2024.

What is the expected closing date for the Mace Security International (MACE) merger?

The merger is expected to close on or about Friday, December 6, 2024.

Who was appointed as the substitute Stockholders' Representative for Mace Security International (MACE)?

Charles A. Gaddis was appointed as the substitute Stockholders' Representative pursuant to the terms of the Merger Agreement.

What proposals were approved at Mace Security International's (MACE) Special Meeting?

Stockholders approved all proposals, including the Agreement and Plan of Merger with W Electric Intermediate Holdings and the appointment of Charles A. Gaddis as Stockholders' Representative.