Gander Mountain Co. has moved forward on its previously announced plans to take itself private. The company’s board of directors has approved a proposed 1 for 30,000 reverse stock split on Jan. 14.
Gander Mountain is currently listed on the Nasdaq Global Market. The reverse split will bring the number of beneficial shareholders under 300, paving the way for delisting.
Under the terms of the reverse split, any stockholder holding less than one post-reverse split share will receive $5.15 for each pre-split share held. The company’s stock price closed at $5.10 per share on Dec. 31. The funding for the cash payment for the fractional shares described above will be provided by the company’s two largest shareholders, Gratco LLC and Holiday Stationstores, Inc.
Gander Mountain offers a variety of outdoor recreation merchandise through retail and direct response channels.
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