Snowboard Maker Announces Merger
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Irvine snowboard manufacturer Action Sports Ltd. on Monday announced plans to merge with Light Wave, a San Diego maker of snowboards and wakeboards. Financial terms were not disclosed.
As part of the deal, Action announced a 1-for-15 reverse stock split. The combined company also will attempt to have its stock listed on the Nasdaq Small-Cap market once the merger is completed.
Action said the reverse split also is designed to help it acquire additional companies.
Action’s stock, which currently is traded over-the-counter, closed Monday at 8 cents a share, down 1 cent.
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