Stanley Electric to cancel 9.25% of treasury stock

Stanley Electric (TSE:6923) announced today its decision to cancel 15.5 million shares of its own common stock. The cancellation, approved by the board of directors on February 28, 2025, will take place on March 14, 2025. This action will reduce the total number of outstanding shares to 152 million, representing a 9.25% reduction. Separately, Stanley Electric announced the signing of a merger agreement with its wholly-owned subsidiary, Stanley Tsuruoka Manufacturing, scheduled for April 1, 2025, with Stanley Electric as the surviving entity. The company stated that this merger will have a negligible impact on consolidated business results, as it involves only wholly-owned subsidiaries.