TAMPA - Lazydays Holdings, Inc. (NASDAQ:GORV), which has seen its stock price fall over 90% in the past year according to InvestingPro data, announced Friday it has completed a 1-for-30 reverse stock split as part of efforts to regain compliance with Nasdaq's minimum bid price requirement for continued listing.
The reverse split took effect at 5:00 p.m. Eastern time on Friday, with the company's common stock expected to begin trading on a split-adjusted basis when markets open on Monday, July 14, under the same "GORV" ticker symbol but with a new CUSIP number.
As a result of the split, every 30 shares of Lazydays common stock were automatically combined into one new share. The company stated it will issue fractional shares as necessary to round holdings up to the nearest whole number, minimizing impact on stockholders' percentage ownership interest.
Registered stockholders with shares in book-entry form are not required to take any action to receive post-split shares. Those holding shares in brokerage accounts will have positions automatically adjusted according to their brokers' processes. Certificate holders will receive instructions from Continental Stock Transfer & Trust Company, which is serving as the exchange agent.
Lazydays, established in 1976, operates in the recreational vehicle industry offering RV sales, service, and ownership experiences. The company's announcement was made through a press release statement.
In other recent news, Lazydays Holdings, Inc. reported a narrower first-quarter net loss of $9.5 million, or $0.09 per share, compared to a loss of $22.0 million, or $1.67 per share, in the same period last year. Revenue for the quarter was $165.8 million, surpassing analyst expectations despite a decrease from $270.1 million year-over-year. The company also announced a 1-for-30 reverse stock split to regain Nasdaq compliance, aiming to increase its per-share market price. Additionally, Lazydays completed several transactions to boost liquidity and reduce debt, including divestitures of non-core dealerships, which generated approximately $14 million in proceeds. Ron Fleming, who served as interim CEO, has been appointed as the permanent CEO, bringing over 40 years of experience in the RV industry. Lazydays also appointed Kyle Richter as Chief Administrative Officer, while two directors, Jordan Gnat and Suzanne Tager, resigned from the board. These developments are part of the company's broader strategy to enhance financial performance and stabilize its operations.