U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
CAMARILLO, Calif. - Newton Golf Company, formerly known as Sacks Parente Golf, Inc., has announced a corporate rebranding to reflect its commitment to innovative golf equipment. The company, which maintains impressive gross profit margins of 61% and generated revenues of $2.49 million in the last twelve months, will start trading on the Nasdaq Capital Market under the new ticker symbol NWTG, effective Thursday, March 17, 2025, following a 1-for-30 reverse stock split approved by the Board of Directors. According to InvestingPro analysis, the company is currently undervalued based on its Fair Value assessment.
The rebranding to Newton Golf pays homage to Sir Isaac Newton, aligning with the company’s focus on advanced physics and precision engineering in golf technology. According to Greg Campbell, Chairman and CEO, the name change signifies a new chapter in the company’s evolution, aiming to pioneer golf performance technology. The company’s stock has faced challenges, declining 97% over the past year, though analysts project sales growth of 8.9% for the current fiscal year.
Newton Golf’s recent financial moves include a public offering completed in December 2024, raising approximately $8.4 million before deductions. This capital boost is intended to support the company’s strategic initiatives, product development, and operational enhancements. The company maintains a strong current ratio of 3.62 and holds more cash than debt on its balance sheet, though InvestingPro data indicates rapid cash burn remains a concern. For deeper insights into Newton Golf’s financial health and 15+ additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.
The reverse stock split will automatically convert every 30 shares of issued and outstanding common stock into one share, with no fractional shares being issued. Instead, fractional shares will be rounded up to the nearest whole share. The company’s common stock will continue to trade on Nasdaq with a new CUSIP number reflecting the split.
Shareholders need not take any action, as the name change, ticker symbol update, and reverse stock split will not affect their rights. Shareholdings will be adjusted automatically, and existing stock certificates or book-entry positions will be updated accordingly. Shareholders with brokerage accounts will see their positions adjusted to reflect the reverse split.
Newton Golf Company, with its manufacturing facility in St. Joseph, Missouri, remains dedicated to producing high-performance products, including golf shafts, putters, grips, and accessories. The company emphasizes quality control, with all products made and assembled in the USA.
This press release contains forward-looking statements regarding the expected benefits of the reverse stock split, compliance with Nasdaq listing requirements, and the company’s growth strategy and business prospects. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. With an overall Financial Health score rated as ’WEAK’ by InvestingPro, investors are encouraged to conduct thorough due diligence using professional tools and comprehensive financial analysis available through InvestingPro’s advanced platform.
The information in this article is based on a press release statement from Newton Golf Company.
In other recent news, Sacks Parente Golf, Inc. announced a significant corporate restructuring, including a 1-for-30 reverse stock split and a name change to Newton Golf Company. This move, detailed in an SEC filing, aims to consolidate shares and fulfill the issuance of remaining shares under the Series B Warrants. Additionally, the company has appointed Ryan Stearns as its new Chief Financial Officer, effective January 6, 2025. Stearns brings over two decades of financial leadership experience, with a background in healthcare, fintech, and SaaS sectors. His appointment is part of the company’s strategy to bolster its leadership team. Meanwhile, Sacks Parente Golf has faced challenges in conducting its special stockholders’ meeting due to a lack of quorum, leading to multiple adjournments. The meeting is now rescheduled for February 26, 2025. These developments are part of the company’s efforts to strengthen its market position and operational structure.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.