United States Antimony Corporation (UAMY) — Reincorporation detail

Announcement

2025-06-12

First SEC disclosure

Meeting / Vote

2025-07-31

COMPLETED

Effective

2025-08-18

Legal effective date

Market Cap

$1.0B

At announcement

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Controller & ownership

Diffuse / non-controlledDiffuse With Named 5Pct Holder

Kenneth M Reed (named 5%+ beneficial owner) holds approximately 6.8% of voting power. No single holder reaches the controlled-company threshold (>50% of voting power).

Source: UAMY DEF 14A 2025 — Kenneth M Reed 8,118,729 shares = 6.8% common + 6.8% voting (as of June 6, 2025); Vanguard 7,436,911 shares (5.31%) as of 12/31/2025; no controlling shareholder

Vote outcome — reincorporation proposal

Approval standard: majority of outstanding shares entitled to vote (Montana Business Corporation Act conversion to Texas) — provisional pending DEF 14A pincite. Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2025-07-02 · Estimation window: 2024-07-17 to 2025-07-01 (240 days)

Specification	Day-0 AR	Inference
Synthetic control (17-donor Materials peer pool)i	+4.87%	no inference
Market model (SPY benchmark)i	+6.46%	Patell-z p-value = 0.390
Sector-augmented model (SPY + Materials ETF (XLB)) HEADLINEi	+6.72%	Patell-z p-value = 0.371
Matched pair (vs NEM, market-model-adjusted)i	+4.70%	two-sided p-value = 0.549
Raw differential vs NEMi	+6.03%	no inference

Robustness checks — does the headline result hold up?

Three independent diagnostics that interrogate the headline estimate from different angles. All three pointing the same way = high confidence in the result.

Pre-event drift check: the firm's daily abnormal return drifted by -0.0091% per day in the pre-event window (p = 0.211). no detectable pre-event drift âœ“. — A near-zero slope means the pre-event period was stable, so the day-0 reaction is not contamination from a pre-existing trend.
Donor co-movement check: 15 of 17 peer firms moved in the same direction as the treated firm on the event day (binomial p = 0.0023). — A high concordance means the day was driven by industry-wide news rather than something firm-specific. A low concordance means the firm moved differently from peers (potential firm-specific signal).
Synthetic-control fit quality: pre-event correlation between the firm and its synthetic twin = -0.052 (weak tracking — interpret with caution); RÂ² = -1.722 (fraction of pre-event variance explained); Durbin-Watson = 1.57 (no autocorrelation). — Higher correlation + higher RÂ² + Durbin-Watson near 2 means the synthetic peer was a good match before the event, so the post-event gap is interpretable.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Event date: 2025-09-03 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-1.80%	Patell-z p-value = 0.809

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

Effective date: 2025-09-03 · n_post = 165 days

Buy-and-hold abnormal returns (BHAR)

Horizon & benchmark	BHAR	Inference
1 month vs S&P 500	+70.00%	Patell-z = +0.98 · p = 0.327 · n = 21 days
1 month vs sector ETF (XLB)	+75.16%	Patell-z = +0.98 · p = 0.327 · n = 21 days
3 months vs S&P 500	+18.20%	Patell-z = -0.70 · p = 0.483 · n = 63 days
3 months vs sector ETF (XLB)	+26.76%	Patell-z = -0.70 · p = 0.483 · n = 63 days
6 months vs S&P 500	+108.41%	Patell-z = -0.46 · p = 0.648 · n = 126 days
6 months vs sector ETF (XLB)	+101.99%	Patell-z = -0.46 · p = 0.648 · n = 126 days

Calendar-time portfolio alpha (CTE)

Specification	Annualized alpha	Inference
Calendar-time portfolio alpha vs S&P 500	+189.14%/yr	t = +0.63 · p = 0.530 · n = 165 days · Newey-West HAC SE (lag=5)
Calendar-time portfolio alpha vs sector ETF	+223.23%/yr	t = +0.68 · p = 0.499 · n = 165 days · Newey-West HAC SE (lag=5)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.371, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Texas opt-in statutory regimes available to Texas-incorporated public companies. Each requires a charter or bylaw amendment with proxy notice. Both are independently elected.

SB 29 — TBOC §21.552

Derivative-action 3% ownership threshold (effective 2025-05-14, post-Tornetta v. Musk).

âœ“ ADOPTED

Source: DEF 14A 2025-06-12; TX charter on conversion [Filing â†—]

SB 1057 — TBOC §21.373

Shareholder-proposal threshold: lesser of $1M market value or 3% of voting shares, 6-month hold, 67% solicit (effective 2025-09-01). Director nominations and procedural resolutions are exempt. Legal status: vulnerable to challenge under the Internal Affairs Doctrine and dormant Commerce Clause; SEC Rule 14a-8(i)(1) permits state-law exclusion, so §21.373 may operate through Rule 14a-8 rather than face direct preemption. No court ruling has issued. Firms appear to be in a wait-and-see posture pending legal clarity.

PENDING VERIFICATION

Adoption is opt-in. A "No" or "Pending" status means the firm has not (yet) elected into the regime — it does not mean the firm is non-compliant. Adoption requires a charter/bylaw amendment disclosed via 8-K Item 5.03.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://www.usantimony.com/investor-relations/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000101538&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000101538&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0001654954-25-010316 — filing →
First SEC disclosure · 0001140361-25-021112 — filing →

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

PATCHED_v6-rev69_2026-05-22_severe_date_correction_was_2025-09-03 | PATCHED_v6-rev77_2026-05-24_wave1b_audit_fixes: per firm_roster_audit_2026-05-24.md + batch summaries

Source confidence

VERIFIED_VOTE

Transaction status

COMPLETED

Audit notes

No primary-source EDGAR accession in v6 rev78; manual EDGAR pull required.
Phase 2 EDGAR verification 2026-04-28: DEF 14A 2026-04-20 accession 0001140361-26-015650. Reclassified from Z/EXCLUDED_HISTORICAL_OOS -> D/PANEL_A_post_SB29.
Phase 2.6 correction 2026-04-27: Phase 2.5 had set bucket_class=D (pending), but legacy NV_eff_dt / TX_eff_dt columns already held completed effective dates. Corrected bucket_class=C (post-SB29 completed mover). Set Panel_A_reincorporator_flag=1, Panel_A_completed_effective_flag=1, bucket_C_post_SB29_DExit=1, and zeroed out bucket_A / bucket_Z / Panel_A_unverified flags.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://www.usantimony.com/investor-relations/
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-29] phase5k T2: UAMY vote_source_8k Item 5.07 (acc 0001654954-25-010316); source: https://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_8k.htm [2026-04-29] phase5k T2: UAMY vote_source_8k_url paired with acc 0001654954-25-010316; source: https://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_8k.htm [2026-04-29] phase5r: bucket 'C' -> 'B1' (MT->TX effective 2025-09-03 >= SB29 -> bucket B1 (post-SB29; NON-DE OUTBOUND - flag for Shane review)) [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v6 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: VERIFIED via 8-K Item 5.07 — Montana → Texas (NOT a Delaware origin firm). Annual meeting July 31, 2025. Vote: 20.6M for / 11.8M against / 59,000 abstain (~64% of cast). ~36% dissent — notable. Standard label provisional pending DEF 14A pincite review of Montana BCA threshold language.
v3.84-rev3 DUAL CORRECTION: (1) from_state changed from 'DE' to 'MT' — United States Antimony was incorporated in Montana, not Delaware. (2) announcement_date changed from 2025-07-02 to 2025-06-12 (PRE 14A filing date, acc 0001140361-25-021112). DEF 14A ~2025-06-26; annual meeting 2025-07-31. The +6.46% Day-0 AR was at the wrong date — likely reflects a 20-day-later internal milestone, not the SEC announcement.
v3.84-rev5c [2026-04-30] promoted to HIGH date_quality_flag per v3.84-rev3 EDGAR-verified primary-source date correction; primary-source EDGAR confirmation.