Director Ault Milton C III reported a sequence of purchases in Universal Safety Products, Inc. (NASDAQ: UUU) that together amounted to $72,808, according to a Form 4 filed with the Securities and Exchange Commission. The trades were executed on March 30 and March 31 and were transacted at prices that ranged from $5.3896 to $5.8452 per share.
Details in the filing show the following activity:
- On March 30, Ault bought 2,008 shares at a weighted average price of $5.5433, with individual execution prices reported between $5.4888 and $5.54535.
- Also on March 30, Ault acquired 500 shares at a weighted average price of $5.3896, with trade prices ranging from $5.35 to $5.4381.
- On March 31, the filing records a purchase of 5,000 shares at a weighted average price of $5.8406, with prices in that block between $5.75 and $5.90.
- Additional March 31 purchases included 5,000 shares at $5.8452 and 100 shares at $5.5364.
After these transactions, Ault's reported holdings include 2,200 shares owned directly. Indirect holdings are substantial and are reported as 685,252 shares held through Ault Lending, LLC; 6,000 shares through Ault & Company, Inc.; and 20,000 shares through Alpha Structured Finance LP.
Separately, Universal Safety Products disclosed that it issued 405,000 shares of common stock between January 26 and February 3. Those shares were issued as part of a conversion of a convertible note, where the combined principal and accrued interest converted into equity amounted to $1,503,424.80. The company reported that the issuance relied on an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.
The filing states the conversion shifted an outstanding obligation from a debt footing to equity. The company described the move as a means to manage its financial obligation through issuance of common stock rather than a cash payment. The filing notes no other material financial results or analyst updates accompanying these disclosures.
Readers should note that the transaction details above are drawn from the company's SEC filings and reflect the quantities, prices, and dates as reported. The filings also record the ownership structure for Ault as presented, and the share issue details for the convertible note conversion, including the exemption used for the issuance.