Universal Technical Institute Inc. (UTI) accelerated the expiration date for its rights agreement to Feb. 21, 2017, effectively terminating the agreement as of yesterday.
“In accelerating the termination of the rights agreement, the board considered a number of factors, including an assessment of the current environment, proxy advisory guidelines and feedback from shareholders,” said Kim McWaters, chairman and CEO. “The board believes that terminating the rights agreement now rather than waiting until June, when it is due to expire, is in the best interest of the company and its shareholders.”
In connection with the expiration of the rights agreement, UTI will be taking routine actions to voluntarily deregister the related preferred stock purchase rights under the Securities Exchange Act of 1934. These actions are administrative in nature and will have no effect on UTI’s common stock, which continues to be listed on the NYSE.
