Servotronics shareholders have made it clear that neither Cosgrove nor Gygax has their support, and we call on both directors to resign from the Servotronics board immediately. In fact, many companies have auto-resignation provisions in their bylaws whereby directors must resign if the withhold vote is greater than 50% of all votes cast. Should both directors remain on the ballot in 2023, we will strongly consider nominating alternative directors to run against them. We will continue to monitor the Company’s progress and will remain ready to act if progress on improving shareholder value and shareholder rights is not made. Although we are pleased that shareholders voted in solidarity with our withhold vote campaign, there is still more work to be done. We fully expect Servotronics’s board and management to act quickly to add value, improve operating and financial performance, and improve corporate governance.
About Star Equity Fund, LP
Star Equity Fund, LP is an investment fund managed by Star Equity Holdings, Inc. Star Equity Fund seeks to unlock shareholder value and improve corporate governance at its portfolio companies.
About Star Equity Holdings, Inc.
Star Equity Holdings, Inc.is a diversified holding company with three divisions: Healthcare, Construction, and Investments.
| For more information contact: | |
| Star Equity Fund, LP | The Equity Group |
| Jeffrey E. Eberwein | Lena Cati |
| Portfolio Manager | Senior Vice President |
| 203-489-9501 | 212-836-9611 |
| jeff.eberwein@starequity.com | lcati@equityny.com |
