September 29, 2009 (FinancialWire) — Outdoor lifestyle retailer Gander Mountain Co. (NASDAQ: GMTN) (Current Market Cap: $123.40 Mil.) said it plans to cease its public company status. The company’s board has approved a one-for-30,000 reverse stock split of its common stock, after which it will file a second amendment to its articles of incorporation to effect a 30,000-for-one forward stock split.

The splits will be made in order to ensure that Gander Mountain will be eligible to deregister its shares of common stock in accordance with SEC rules and regulations, according to the company.

Gander Mountain said it expects that, as a result of this deregistration, its shares of common stock will cease to be listed on the NASDAQ Global Market.

In a statement, Gander Mountain said its board decided to pursue taking the company private after concluding that the disadvantages of remaining an SEC-reporting company, including the costs associated with ongoing regulatory requirements, outweighed the benefits of public company status to the company and its shareholders.

Saint Paul, Minnesota-based Gander Mountain operates a retail network of stores for hunting, fishing, camping, marine, and outdoor lifestyle apparel and footwear, products and services. The company has 116 Gander Mountain outdoor lifestyle stores in 23 states and three outlet stores.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.