The Board of The LGL Group, Inc. (NYSEAM:LGL) announced the spin-off of MtronPTI on August 12, 2021. MTronPTI business will move into a newly created and separately traded public company. The spin-off would be structured as a tax-free, pro-rata distribution to all LGL shareholders as of a record date to be determined by the Board of Directors of LGL. Each LGL stockholder as of the Record Date will receive one share of Mtron common stock. In connection with the Distribution, Mtron will pay a dividend to Mtron's ultimate stockholder, LGL, which will be declared prior to the Distribution Date. The exact amount of any such dividend will be determined by Mtron's Board immediately prior to the Distribution. Post-completion of the transaction, LGL shareholders would own shares of both companies. Mtron common stock will trade on the NYSE American under the symbol “MPTI”. The LGL Group, Inc. announced the resignation of Robert "Rob" LaPenta Jr. from LGL's board of directors and that of its subsidiary, MTron/PTI, effective September 27, 2021. Completion of the spin-off would be subject to various conditions, including final approval of LGL's Board of Directors. The transaction is also subject to approval of shareholders of The LGL Group. The Board of Directors of The LGL Group, Inc., approved the transaction on October 1, 2021. LGL does not expect to complete the transaction earlier than the end of the last quarter of 2021. As per update on February 14, 2022, transaction is also subject to regulatory approvals. As of April 27, 2022, LGL Group, Inc announced to conduct special meeting of its shareholders on June 21, 2022 for obtaining its shareholder's approval. The transaction is approved by the shareholders of LGL Group at Special Meeting of Stockholders held on June 21, 2022. As of August 3, 2022, LGL Group Board voted to approve the Spin-Off. Completion is expected in second quarter of 2022. As of August 3, 2022, Board of Directors of The LGL Group has established August 12, 2022 as the record date and anticipates to complete the transaction on August 19, 2022. As of August 11, 2022, Board of Directors of The LGL Group has established September 30, 2022 as the new record date and October 7, 2022 as the anticipated distribution date. Michael Zuppone of Paul Hastings LLP acted as legal advisor to LGL Group.

The LGL Group, Inc. completed the Spin-Off of M-tron Industries, Inc. (NYSEAM:MPTI on October 7, 2022. LGL stockholders receiving one-half share of MtronPTI common stock for every share of LGL common stock held at the close of business on the record date of September 30, 2022.