St. Paul, Minn. Gander Mountain Co. announced its intent to withdraw its shares of common stock from listing on the Nasdaq Global Market.
A special committee of the company's board of directors plans to cease the registration of its common stock with the Securities and Exchange Commission. The company expects that, as a result of this deregistration, its shares of common stock will cease to be listed on the Nasdaq Global Market.
As previously announced, in order to ensure that it will be eligible to deregister its shares of common stock, in accordance with SEC rules and regulations, Gander Mountain will reduce its number of beneficial shareholders to below 300.
To accomplish this, the special committee of the board recommended an amendment to the company's articles of incorporation to effect a 1-for-30,000 reverse stock split of its common stock. The reverse stock split will occur on the record date, which is currently anticipated to be January 14, 2010.