On May 16, 2023, Servotronics, Inc. announced that it is writing to explain to its employees some of the basic voting mechanics employees should be aware of for this year’s annual meeting of shareholders taking place on Friday, June 9, 2023. The Company stated that it is facing a proxy contest against an activist investor, Star Equity, which is seeking to replace 2 members of the Company’s Board of Directors. The Company added that both the Company and Star Equity are actively soliciting votes from shareholders, including employees who are also investors and/or participants in Employee Stock Ownership Plan (ESOP).

The Company stated that it is soliciting votes in support of its existing 6 members of the Company’s Board using a Company’s universal proxy card, and Star Equity is soliciting votes for its 2 nominees using its universal proxy card.