Gander Mountain Co. expects Jan. 25 will be the last dayof trading of its common stock on the Nasdaq Global Market.
The company last week effected a one-for-30,000 reverse split of its common stock followed by a 30,000-for-one forward split of its common stock, and confirmed its intent to withdraw its shares of common stock from listing on the Nasdaq Global Market.
As previously announced, a special committee of the company's board of directors plans to cease the registration of its common stock with the Securities and Exchange Commission.
To accomplish this, on Jan. 14, the company filed an amendment to the company's articles of incorporation to affect a one-for-30,000 reverse stock split of its common stock. Any shareholder holding less than one share after the reverse stock split will receive a cash payment of $5.15 for each share held prior to the reverse split.
Immediately following the reverse stock split, the company filed a second amendment to its articles of incorporation to effect a 30,000-for-one forward stock split. As a result, shareholders owning 30,000 or more shares of common stock at the time of the reverse split will retain their current numbers of shares of common stock without change and not receive cash in the transaction.
The funding for the cash payment for the fractional shares described above was provided by the company's two largest shareholders, Gratco LLC and Holiday Stationstores Inc.
The company said it planned to file a Form 25 with the SEC Jan. 15, related to the delisting of its common stock, with the delisting of its common stock to be effective 10 days thereafter.