UNIVERSAL SAFETY PRODUCTS, INC.

Universal Safety Products, Inc. has filed a definitive proxy statement for a Special Meeting of Stockholders on July 31, 2026. The company is seeking approval for several significant amendments to its Articles of Incorporation, including a substantial increase in authorized common stock from 20 million to 525 million shares, the authorization of 25 million shares of preferred stock, and 25 million shares of Class B common stock. Additionally, the company proposes to eliminate super-majority voting requirements and approve the issuance of common stock related to convertible notes from a recent Securities Purchase Agreement.

Universal Safety Products, Inc. entered into a Securities Purchase Agreement with SJC Lending LLC to sell convertible promissory notes with an aggregate principal amount of up to $10.6 million for a purchase price of up to $10.0 million. The financing will be conducted through eleven separate tranche closings, with an initial tranche of $1.06 million principal for $1.0 million already completed. The conversion of notes exceeding 19.99% of common stock is subject to regulatory and stockholder approval, and the notes carry an 8% annual interest rate, maturing in one year.

Universal Safety Products, Inc. announced the full conversion of a convertible note, resulting in the issuance of additional common stock. On March 11, 2026, the company issued 125,000 shares for $470,720 in principal and interest. Subsequently, on May 15, 2026, an additional 185,575 shares were issued for $886,872.70 in principal and interest, bringing the total shares outstanding to 3,028,362.