Newton Golf Company Transforms with New Name and Stock Split
Exciting Changes at Newton Golf Company
Newton Golf Company, a recognized leader in the premium golf equipment sector, has recently made significant changes to its corporate identity. The company has transitioned from its former name, Sacks Parente Golf, Inc., to its new name, Newton Golf Company. This change reflects the brand's dedication to advancing the sport of golf through innovative technology and design.
The Impact of the Name Change
The name Newton Golf pays tribute to Sir Isaac Newton, who is renowned for his groundbreaking work in physics, particularly in understanding motion and force—fundamental aspects of golf. The company's new branding emphasizes its aim to leverage scientific principles to revolutionize golf performance. By drawing inspiration from Newton's revolutionary ideas, Newton Golf aims to enhance golfers' experiences, including distance, control, and consistency.
Leadership Perspective
Greg Campbell, the Chairman and CEO of Newton Golf Company, expressed enthusiasm about this change. He noted, “This name change marks a new chapter in our company’s evolution as we push the boundaries of performance in golf equipment.” He believes that the spirit of discovery and innovation that Newton represents is embodied in their cutting-edge products designed for golfers of all skill levels.
Stock Split Announcement
In conjunction with the name change, Newton Golf's Board of Directors has approved a significant corporate action—a 1-for-30 reverse stock split. This move is crucial for enhancing the company's visibility in the stock market, and it is anticipated to take effect on the trading day commencing the day after the announcement. The new stock ticker symbol “NWTG” will reflect this change following the implementation of the reverse split.
Details of the Reverse Stock Split
The reverse stock split entails several key changes:
- Each shareholder will receive one share for every thirty shares held, maintaining their proportional ownership in the company.
- No fractional shares will be issued; any fractional shares will be rounded up to the nearest whole share for their respective owners.
- The common stock will continue trading on the Nasdaq exchange under the new ticker symbol “NWTG”, ensuring a seamless transition for investors.
Greg Campbell remarked, “The reverse stock split is a strategic step that enhances our ability to attract institutional investors and strengthens our position in the public markets.” This move is seen as part of their broader strategy aimed at long-term growth and product innovation.
Financial Health and Future Directions
Newton Golf recently bolstered its financial standing by completing an underwritten public offering that brought in approximately $8.4 million before any deductions. This capital influx is designated for advancing strategic initiatives, boosting product development, and enhancing operational capacities. The company aims to use these resources to innovate and expand its product offerings, which already include high-performance golf shafts and putters.
Ensuring Shareholder Confidence
For shareholders, there are no actions required concerning the reverse stock split or the change in corporate name and ticker symbol. Their current stock holdings will be automatically adjusted, and the transfer agent will ensure that any updates are communicated effectively. Shareholders holding shares through brokerage accounts will find their holdings adjusted per the new terms.
Shareholders seeking more specific details regarding their accounts are encouraged to reach out to their respective brokers or to VStock Transfer, LLC, located at 18 Lafayette Place, Woodmere, NY 11598, phone: (212) 828-8436.
About Newton Golf Company
Newton Golf Company is on a mission to revolutionize golf with cutting-edge, high-performance products. This innovative company continues to build its reputation for superior craftsmanship and technology in the golfing community. Their manufacturing facility in St. Joseph, Missouri, exemplifies elite quality control, ensuring that every product is designed and made in the USA. For more information, visit their website.
Frequently Asked Questions
What does the name change to Newton Golf Company signify?
The name change reflects the company’s commitment to innovation in gold equipment, inspired by the principles of physics established by Sir Isaac Newton.
When will the reverse stock split take effect?
The reverse stock split is expected to take effect on the trading day immediately following the announcement.
How will the reverse stock split affect shareholders?
Shareholders will automatically have their shares converted based on the new ratio, and no action is required on their part.
What is the new stock ticker symbol for Newton Golf Company?
The new ticker symbol will be “NWTG” following the implementation of the reverse stock split.
How does Newton Golf ensure product quality?
Newton Golf operates a manufacturing facility in St. Joseph, Missouri, which is dedicated to maintaining high standards in quality control for all its products.
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