ADGO proceeding with the reverse split and NASDAQ application.
Adams Golf Announces Shareholder Approval of Reverse Stock Split Proposal
Monday February 11, 5:37 pm ET
PLANO, Texas--(BUSINESS WIRE)--Adams Golf, Inc. (OTCBB:ADGO - News) today announced that, at a special meeting of its stockholders February 4, 2008, its stockholders approved an amendment to the Company’s certificate of incorporation to effect a one-for-four reverse stock split of the outstanding shares of the Company’s common stock. The Company expects the reverse stock split to be effective on or about February 15, 2008, after the Company files the amendment to its certificate of incorporation. Subject to processing by the over-the-counter bulletin board, the Company’s common stock should begin trading on a split-adjusted basis on the over-the-counter bulletin board on or about February 19, 2008.
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In conjunction with the reverse stock split, the Company has submitted an application for listing its common stock on the NASDAQ Capital Market. The application is subject to review and approval by NASDAQ’s Listing Qualifications Department. The Company hopes to have its common stock listed on NASDAQ’s Capital Market by the end of the first quarter of 2008. There can be no assurance that the Company’s common stock will be approved for listing on any of the markets operated by NASDAQ.
"We are pleased to announce stockholder approval of our proposal to amend our certificate of incorporation to effect a one-for-four stock split," stated Mr. Chip Brewer, President and CEO of Adams Golf. "As stated previously, our recent growth, the strengthening of our organization, our leadership position in the hybrid iron set category, and the investments we’ve made in our PGA, LPGA and Champions Tour staffs have convinced us that the time is right to re-list on NASDAQ. If we are able to obtain a listing on NASDAQ, we believe we can increase the investor audience and interest in our common stock. We believe that this status coupled with the continued execution of our growth strategy may lead to an increase in our valuation, one that we believe is more in-line with our long-term growth opportunities." |
