U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Today, Sacks Parente Golf, Inc., a manufacturer in the sports equipment industry, announced its decision to implement a reverse stock split of its outstanding shares. The company’s Board of Directors has set the split ratio at 1-for-30, with the change to take effect as promptly as possible in accordance with Nasdaq Stock Market rules. According to InvestingPro data, the company’s stock has declined over 96% in the past year, with shares currently trading at $0.19.
This move follows a recent stockholder approval, as disclosed in the company’s SEC filing on February 26, 2025, which granted permission for a reverse split at a ratio between 1-for-10 and 1-for-30. The exact 1-for-30 ratio was determined by the Board to best serve the company’s interests.
The reverse stock split is strategically aimed at addressing the issue of the company’s Series B Warrants for shares of its Common Stock, which currently exceed the number of authorized shares Sacks Parente Golf has available. Once the reverse split is effective, the company will be able to fulfill the issuance of all remaining shares under the Series B Warrants.
This corporate action is significant for investors and stockholders as it will alter the number of outstanding shares and potentially impact the stock’s market price. The company’s common stock, traded under the ticker symbol SPGC on The Nasdaq Stock Market LLC, is expected to reflect the adjusted share count post-split.
The information regarding this corporate event is based on a press release statement filed with the Securities and Exchange Commission. It is important for investors to monitor such changes closely as they can affect share value and ownership percentages.
In other recent news, Sacks Parente Golf, Inc. announced a significant public offering intended to raise approximately $8.4 million. The offering includes 7 million units, each consisting of a share of common stock or a warrant, with pricing set at $1.20 per common unit. The proceeds from this offering are designated 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 and Weinberg & Company, P.A. was ratified as the independent auditor.
The company also appointed Ryan Stearns as the new Chief Financial Officer, effective January 6, 2025. Stearns brings over two decades of financial leadership experience to the role. Furthermore, Sacks Parente Golf has faced challenges in convening its special meeting of stockholders due to a lack of quorum, resulting in multiple adjournments. The meeting is now rescheduled for February 26, 2025. These developments reflect ongoing corporate activities aimed at strengthening the company’s financial and leadership structure.
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