U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Sacks Parente Golf, Inc., a golf equipment manufacturer whose stock has declined nearly 72% over the past six months and currently trades at $0.66, announced today that it has once again adjourned its special meeting of stockholders due to an insufficient number of shares present to establish a quorum. The meeting, which was initially convened on February 11, 2025, and then adjourned, reconvened on Friday but could not proceed with business as planned.
The company, listed on The Nasdaq Stock Market under the ticker SPGC, has scheduled the reconvening of the adjourned special meeting for Wednesday, February 26, 2025, at 1:00 p.m. Pacific Time, which notably coincides with its next earnings release date. With a market capitalization of just $7.92 million and maintaining a strong current ratio of 3.62, the company holds more cash than debt on its balance sheet. The record date for determining the stockholders entitled to vote at the special meeting remains December 19, 2024.
Stockholders who have already voted on the proposals and do not wish to change their vote need not take any further action. For those who have yet to cast their votes or wish to alter their prior vote, instructions are provided in the definitive proxy statement filed with the Securities and Exchange Commission on January 10, 2025. The proxy statement is accessible on the SEC’s website, and stockholders can vote at the provided voting platform.Investors seeking deeper insights into SPGC’s financial health and market position can access additional analysis through InvestingPro, which offers 17 exclusive ProTips and comprehensive financial metrics for informed decision-making.
The company’s inability to reach a quorum highlights the challenges faced in garnering sufficient stockholder participation in key corporate decisions. This announcement is based on the latest 8-K filing with the SEC.
In other recent news, Sacks Parente Golf has announced a public offering expected to raise approximately $8.4 million. The offering includes 7 million units, each consisting of a share of common stock or a warrant to purchase a share, and additional warrants, with pricing set at $1.20 per common unit. The proceeds are intended for general corporate purposes and working capital. Additionally, Sacks Parente Golf disclosed the election results from its annual stockholders’ meeting, where all five director nominees were elected for a one-year term. Shareholders also ratified Weinberg & Company, P.A. as the independent auditor for the fiscal year ending December 31, 2024.
In a move to strengthen its leadership, Sacks Parente Golf appointed Ryan Stearns as the new Chief Financial Officer, effective January 6, 2025. Stearns brings extensive financial leadership experience from various sectors, including healthcare and fintech. The company has also postponed its special stockholders’ meeting due to a lack of quorum, rescheduling it for February 21, 2025. These developments reflect Sacks Parente Golf’s ongoing efforts to enhance corporate governance and financial strategy.
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