United States Antimony Corporation (UAMY) — Reincorporation detail

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.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

United States Antimony's stock rose sharply the day the move was announced

**Bottom line.** United States Antimony rose sharply by 6.7% on announcement day. Across four different benchmarks for what "normal" should have looked like, the move was statistically indistinguishable from a normal trading day (p = 0.37).

This chart shows four different statistical lenses on what United States Antimony's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

For United States Antimony, the announcement-day move sat right inside its normal noise

**Bottom line.** United States Antimony's announcement-day reading falls near the center of its day-to-day trading range over the prior year. Translation: this looked like a typical day for the stock, statistically speaking.

This histogram shows every daily move United States Antimony's stock made over the 240 trading days *before* the announcement. The red line marks the announcement-day reading. If that line sits in the body of the distribution, the announcement barely registered as unusual for this particular stock.

Method

Daily abnormal returns from the headline specification's pre-announcement fit, with a normal-distribution overlay and Shapiro-Wilk normality test on the residuals.

United States Antimony is one of the cohort's larger positive reactions

**Bottom line.** United States Antimony's reading sits in the positive tail of the cohort distribution. Cohort-wide mean is +0.69%; reactions vary widely by firm-specific factors, not destination state.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. United States Antimony is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

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 ✓. — 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); R² = -1.722 (fraction of pre-event variance explained); Durbin-Watson = 1.57 (no autocorrelation). — Higher correlation + higher R² + 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).

✓ ADOPTED

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

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.

Classification & audit trail

Bucket

B1

Panel eligibility

PANEL_A_post_SB29

Audit status

VERIFIED_PROXY

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.